Silverdell to pay maiden dividend as revenues leap 30pc

Silverdell, a specialist environmental support services group, has said revenues have increased 30 per cent in the year ended September 30th and announced that it plans to pay a maiden dividend.

Silverdell, a specialist environmental support services group, has said revenues have increased 30 per cent in the year ended September 30th and announced that it plans to pay a maiden dividend.

Revenue for the year is expected to come in at around £78m, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to be 46% ahead of the previous year at around £6.0m, with Consulting EBITDA up by around 30% on the same period last year.

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Senior net debt (excluding asset backed finance arrangements) is expected to be between £6m and £7m. The group continues negotiations relating to its claim against a main contractor on a project completed in September 2011.

The enlarged group is now in the process of tendering for large contracts in Australia, Canada, the UK, and mainland Europe where it has submitted a number of bids in respect of the decommissioning of oil and gas and pharmaceutical facilities. Silverdell anticipates reporting an order book at the end of October in excess of £200m, with over 75% of revenues scheduled to fall in 2013.

The company also said the integration of EDS Group is progressing in line with management expectations.

Sean Nutley, Chief Executive of Silverdell, said: "The future for Silverdell looks highly promising, with the opportunity now to build on strong UK relationships to grow our business abroad. The acquisition of EDS has given us a unique and compelling combined service offering and an ideal platform for future growth. Our decision to recommend a maiden dividend reflects our confidence as we look to the coming year and beyond."

The share price fell 3.57% to 13.50p by 14:05.

NR

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