TEG announces strong results

Michael Hunt

Chorley-based organic waste specialist TEG Group said trading in the first half of 2010 is in line with expectations ahead of its annual general meeting today.

The AIM-listed group also said it is evaluating a number of opportunities to further expand its range of operations this year.

Within a statement released on the London Stock Exchange, Nigel Moore, non-executive chairman, said: "TEG maintains a strong pipeline of projects and anticipates that a number of these will move into construction in 2010.

"Trading to date in 2010 has been broadly in line with management expectations and revenues in the first half of the year have increased significantly on the same period in 2009. Plant operating performance has been very satisfactory though this is despite difficulties and green waste shortages in the early part of the year due to the unusually adverse weather conditions in January and February.

"The first half results will show charges to the P&L for the one-off cost of the Rochdale modifications and a charge for the Simpro acquisition costs, which under new accounting rules must be taken as a single cost item. The board had forecast these charges and expects trading for the full year 2010 to be broadly in line with expectations."

The company said 2009 had been the most successful trading year in the group's history, after full year revenue for the year had increased by 21% to £15.4m from £12.7m in 2008.

TEG is holding its annual general meeting at The Malmaison in Piccadilly, Manchester.

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