TEG trims losses in year of growth

AIM listed organic energy plant operator TEG, based in Chorley, increased turnover and reduced losses in 2012, according to preliminary results published on Monday.

Full year revenue was £22.4m, up from £17.9m in 2011. The loss before tax and exceptional costs was £1.1m, an improvement from a £1.7m loss the year before.

The group had cash of £3.7m in the bank on 31 December 2012, compared to £1.6m a year earlier.

Rory Maw, non-executive chairman, TEG Group, said: "The financial close of the Dagenham project was a significant milestone for the group and market demand for more capacity remains strong. Furthermore, the company's move into the renewable energy sector is proceeding very well."

"The excellent performance of the group's own plant operations and the continued growth in this segment demonstrate that if TEG can secure the appropriate level of capital funding it will develop a secure and successful operating platform."

No dividend was recommended. Shares in TEG were unchanged at 6p.