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TEG GROUP (LON: TEG) - “waste” the investment story for 2010!
Posted 17/03/10
The AIM-listed green technology company, which develops and operates organic composting and energy plants, announced encouraging preliminary results for the year ended 31 December 2009.
This follows the recent news of a contract with Essex County Council and Southend Borough Council to process co-mingled food and garden waste, commencing on 1st June 2010.
TEG provides an in-vessel composting technology, which is one of the few approved technologies capable of treating animal by-product (ABP) waste, and is now providing an anaerobic digestion (AD) technology to produce power from food waste.
Full year revenue was up 21% to £15,394,000 with the Group achieving a profit of £243,000 (2008: £1,475,000 loss), after share based payment expenses and a one-off gain of £956,000 relating to negative goodwill arising on the successful acquisition in June 2009 of Banham Compost Limited (“BCL”).
They closed the year with a healthy cash balance of £3.8m although the operating cash outflow of approx £2m was probably greater than they might have liked.
Waste supply sales for 2010 have already been completed, all compost products are currently being sold for a positive value and the Board anticipates a strong performance for the remainder of the year.
TEG appears to be making decent progress in an area that is attracting investor interest
This entry was posted 1 year, 11 months ago and was filed under TEG Group.
