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Silverdell: lots to encouarge
Posted 03/12/09
Silverdell, the specialist in hazardous waste services, providing consulting and contracting solutions, recently reported its preliminary results for the full year ended 30 September 2009.
The Group provides managed solutions for the assessment, survey, safe handling and removal of hazardous or potentially hazardous waste.
Group turnover decreased by 3% to £59.5m, however, gross profit was maintained at £14.6m. The statutory operating loss was £5.7m, which is an improvement of £10.2m compared with the prior year, while adjusted operating profit was broadly in line with the previous period at £1.5m (2008: £1.6m).
During the year, management considered that the goodwill arising on the acquisition of the Kitsons Group had been reduced to an amount below the net present value of that business and accordingly an impairment charge of £4.8m (2008:£14.6m) has been charged to the income statement. The statutory loss before tax was £6.9m (2008: £16.8m loss), while the adjusted profit before tax was £0.6m (2008:£0.6m).
During the year 110 million new 1p ordinary shares were issued at 5p per share (current price 11.75p) to raise £5.3m (net of issuing costs) with part of this was used to repay £4.75m of debt during the second half of the year. As a result of this and of stronger operating cash flows (6.8m cash generated from operations), net debt at 30 September 2009 was down by £9.7m, or 67%, to £4.7m and gearing was down to 26%.
There was quite a lot of detail in the announcement which is therefore worthy of a read.
The order book at 31st October was £45m, of which £28m relates to 2009/10.
Lots to encourage
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