31st Mar 2014 08:11
LONDON (Alliance News) - The TEG Group PLC saw its shares fall early Monday after it said its loss widened in 2013 as it was hit by exceptional provisions and a contract delay, although it said it was off to strong start in 2014.
The developer of organic composting and green energy plants reported a pretax loss of GBP2.7 million, compared with a loss of GBP1.3 million in 2012, as revenues declined to GBP19.6 million from GBP22.4 million and it booked GBP467,000 in exceptional costs.
"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," Rory Maw said in his last statement as chairman.
The company is now expecting financial close for the Gaydon project in Warwickshire to take place in the second quarter of 2014.
"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," Maw said.
In a separate statement, TEG said it had appointed Leo McKenna as its new chairman, McKenna has a lot of experience in public-private partnerships and is currently co-chair of, and the UK Government's appointed representative to, the United Nations' Executive Board on PPP.
Maw is stepping down to pursue a full-time appointment elsewhere.
TEG Group shares were down 9.1% at 3.75 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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