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Organics firm narrows losses

Organics recycler TEG Group reported reduced losses for 2012.

In its full year financial results, the Lancashire composting and anaerobic digestion developer and operator, said pretax losses had been cut to £1.13m from £1.74m in 2011.

The AIM listed firm reported revenue up at £22.4m from £17.9m previously.

Gross profit rose from £4.5m to £4.6m.

Non-executive chairman Rory Maw 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.”

Maw reported impressive growth in revenues and margins at the firm’s own plants. He said there was continuing demand for increased capacity with TEG well placed to take advantage of the expanding market.

In January the firm predicted a positive year ahead after improved trading in the second half of 2012.

The firm suffered a 50% fall in its share price when it reported a pretax loss of £8m in its preliminary 2011 results last June, as the company struggled with financing local authority projects and refocusing on its operating sites and cost cutting.

TEG’s shares were down 6.4% at 10.30.

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