Energy and composting plant developer TEG Group has announced an annual loss after tax of £2.5m, alongside a dip in revenue, for the year to 31 December 2013.
The Chorley-based group's losses more than doubled compared to 2012, when it posted a £1.03m shortfall. Full year revenue for 2013 was down to £19.5m from £22.4m in 2012, while the company's cash balance on 31 December was £676,000, a significant dip from the £3.67m recorded in 2012.
According to TEG, the "disappointing second half" to 2013 was due to a number of one-off administrative charges, as well as the delay in reaching financial close on its Gaydon project in Warwickshire.
TEG also announced that Leo McKenna will replace Rory Maw as chairman, effective from 1 April 2014. McKenna is currently co-chairman of the United Nations' executive board on public-private partnerships.
In Q4 2013 TEG achieved takeover on its fourth and final facility in Bolton as part of the Greater Manchester Waste PFI Contract. Three other facilities in the region successfully passed 52-week tests.
Rory Maw, non-executive chairman of TEG Group, said: "TEG's plant operations performed strongly throughout the year, with increased productivity, utilisation and the expansion of a number of facilities, allied to continued growth in the organics sector of the waste market.
"As we had advised previously, exceptional provisions and the delay in reaching financial close on the Gaydon project have regrettably led to a disappointing financial performance in the second half of the year. Our operations have, however, had an excellent start to 2014 and I believe the group remains well placed to take advantage of its expanding market. The board is excited by potential new opportunities in the pipeline and overall we expect a strong operational performance in 2014."