TEG Group trims losses

Biomass firm TEG Group reduced full year losses, after a strong second half performance, and as it hailed a milestone year.

Biomass firm TEG Group reduced full year losses, after a strong second half performance, and as it hailed a milestone year.

The Lancashire based aim listed green technology firm narrowed loss before tax and exceptional costs to £1.13m for the year ended December 31st 2012 from £1.74m the year before. Full year revenue increased to £22.4m from £17.9m previously.

Gross profit increased to £4.6m from £4.5m while cash balance as at December 31st more than doubled to £3.67m from £1.56m.

Loss per share increased to 0.60p from 0.10p.

Chairman Rory Maw commented: "The financial close of the Dagenham project was a significant milestone for the group and market demand for more capacity remains strong. Furthermore, the company's move into the renewable energy sector is proceeding very well."

The £16m Dagenham plant is a flagship project for the group securing construction and a 15-year O&M contracted revenues.

Meanwhile the Perth AD facility is operating successfully with power output currently ahead of design capacity

TEG's plant operations also performed well with increased productivity and utilisation seen over period with strongly improved margins, the group said.

TEG added that following the end of year results it has been awarded a six-year contract for organic waste by a major waste management company.

"The excellent performance of the group's own plant operations and the continued growth in this segment demonstrate that if TEG can secure the appropriate level of capital funding it will develop a secure and successful operating platform," the group said.

No dividend has been recommended.

CJ

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