24th Aug 2018 10:27
LONDON (Alliance News) - Eqtec PLC said Friday it has concluded a strategic review of its business after the arrival of its new boss as it looks to focus on its current pipeline of business and consolidate control over its main subsidiary.
The review was called after Chief Executive Officer Ian Price was appointed on in early August. It has concluded that the firm should take greater direct control over its main strategic unit Eqtec Iberia SL. This will include Price and fellow Eqtec executive director Gerry Madden becoming executive directors of Eqtec Iberia.
Eqtec Iberia will be restructured to shift focus in the immediate term to pipeline execution to ensure delivery.
"I believe that the fundamentals for the waste-to-energy sector have seldom been so good and that the existing pipeline of projects presents a significant opportunity for shareholders", Eqtec Chairman Ian Pearson said.
The review also concluded Eqtec Iberia will continue to respond to requests for tender. This will be in order to identify "core opportunities" in the energy recovery from waste market.
Eqtec would also enter into a new strategic alliance with Spanish firm CT3 Ingenieria to "provide further technical and engineering support" for its growth plan. Eqtec will also increase its "skilled engineering staff" numbers over the coming weeks and months.
"My review of the needs of the business has highlighted an immediate requirement for more engineering resource to support our current deal flow," Price explained. "This, coupled with cost reductions in other areas of the business are key elements of the company's growth optimisation plan in the near term."
"We intend to change what Eqtec does and how we do it and we have set out clear commitments against which our progress can be measured," Price added. "Our goal is to make Eqtec the preferred supplier of energy recovery from waste technology and the plan that we set out today is pivotal to delivering that goal and executing on our extensive pipeline of projects. We will announce further updates as the business review proceeds."
Shares in Eqtec were 1.2% higher at 0.97 pence on Friday.
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