TEG agrees £2m waste deal

Listed energy-from-waste specialist TEG Group, based in Chorley, told the stock market on Friday it had entered into a contract with a major waste management company, for organic waste composting at a number of its sites.

The contract, with its subsidiary TEG Environmental, is for six years and will start in the second quarter of 2013. The volume of waste is expected to be approximately 15,000 tonnes per annum and the overall revenues will be in the region of £2m over the period of the contract.

TEG said that due to commercial confidentiality it was not possible to disclose further details at this stage.

Michael Fishwick, chief executive, said: "It is very pleasing for TEG to have secured a further long term waste supply contract which further underpins our growing operating business."

Shares in TEG were unchanged at 6p, valuing the business at £12.7m.

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