Profits soar at Silverdell

Specialist environmental support services group Silverdell posted a massive hike in full year profit as it integrates decommissioning and dismantling provider EDS.

Adjusted pre-tax profit soared 43% to £4.3m for the year ended September 30th 2012 while revenues jumped to £82.5m during the period from £59.7m before.

At the end of October the order book stood at £219m compared to £107m previously.

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Commenting on the results, Chairman Stuart Doughty said: "This has been a transformational year for Silverdell. We have acquired and are in the process of integrating EDS, secured significant new contracts, and streamlined and strengthened our management structure to give us an international platform for the future."

"We have in place a sound strategy for growth supported by clear and achievable KPIs. Our belief in the excellent long term prospects for the group is underlined by our recommendation of a maiden dividend."

It added that current trading is encouraging and while it is mindful of the challenging global economic condition, it looks to future trading with confidence.

Silverdell, which re-financed during the year with a more competitive three-year term with HSBC, said it has reduced overall financing costs.

Net senior debt, excluding lease finance, fell £0.5m to £4.5m.

The group is recommending a maiden dividend of 0.175p per share.

CJ