TEG GROUP (LON: TEG) - “waste” the investment story for 2010!
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…