TEG reports 35% increase in revenue

14 March 2011 08:56 Comments (0)

The Chorley-based recycling firm said revenue had increased to £20.7m last year compared to £15.3m in 2009.

Within its preliminary results for the 12 months to 31 December 2010, TEG said group operating losses reduced by 45% to £398,000, compared to £720,000 in 2009.

TEG, which operates and develops biogas plants for producing compost, said the construction of the three Greater Manchester plants in Bredbury, Trafford Park, and Rochdale has remained on schedule.

TEG added that construction of a fourth facility in Bolton is now anticipated in the first half of 2011.

The group has expanded within the past year following the acquisition of Midlands-based Simpro, owner of six green waste composting sites.

Nigel Moore, non-executive chairman, said: "I am delighted to present the Group's preliminary results for the year, a period of further growth and expansion of trading activities. Trading for 2010 has been pleasing, and the Group continues to deliver significant growth".

"TEG maintains a strong pipeline of tender opportunities and anticipates the successful conclusion of further projects in 2011. Market demand remains strong and the Group is well placed to continue to take advantage of the expanding market. The board is confident that the Group has an exciting future with a strong outlook for trading in the remainder of 2011 and beyond."

The group said it maintains a healthy cash position with a closing balance as at 31 December 2010 of £3.3m, compared to £3.7m the previous year.