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I would not add either. Wish I had never heard of Teg. I will not invest in green ever again. Just have to hope the retentions come in quickly to stem the losses..Hardly worth selling now if you can. Been a bad day. Seems profit warnings and delays are popping up like mushrooms.. May just hold tight and see what pressure the big players put on the wishy washy bod..
Wish I'd have done that a few years ago. Bit late now. But don't fancy throwing good money at the pending 'fundraising'
LONDON (Alliance News) - The TEG Group PLC Tuesday said its loss widened in the first half of the year, as revenue more than halved as its engineering, procurement and construction division finished one project and faced delays in completing financial close on another project, and the company re-iterated it needs new funding. The company develops organic composting and energy plants, going on to run most itself. It reported a pretax loss of GBP1.5 million for the six months to June 30, compared with a loss if GBP806,000 a year earlier, as revenue fell to GBP5.6 million, from GBP12.9 million. TEG said gross profit at its own plant operations division rose 27% on the year, and the unit's gross margin rose to 28.7%, from 21.7%, helped by the acquisition of the Hillbarton composting facility. The unit is expected to get a boost in 2015 after it moved to an operating and maintenance contract on another composting facility in Dagenham. However, its engineering, procurement and construction contract division is struggling, after it completed the Dagenham plant build, the close of another project in Gaydon was delayed, and as waste contracts in Manchester hit problems. TEG said it is nearing the end of an operational review aimed at ending its reliance on higher-risk and unpredictable construction contracts, as well as resolving the issues with the Greater Manchester contracts. It said it will update the markets in the near future. "The board recognises that the group remains significantly undercapitalised and that to secure the future of the group it is necessary to secure further funding, both for projects and working capital. The board also recognises that the group remains at risk unless secure additional finance is achieved, but on the basis that such funding can be secured, the board is confident that the group has a positive future as a larger and more profitable operating company," Non-Executive Chairman Leo McKenna said in a statement. Its cash balance stood at GBP288,000 at the end of June, down from GBP1.7 million a year earlier. McKenna added that the company believes its future lies with its operations division, and it is going to focus on developing anaerobic digestion facilities at its sites, bolstering the operations through acquisitions, and possibly refinancing "associated" assets. "This strategy will reduce the reliance on the unpredictable and lumpy cash flows associated with contracts in the EPC division," he said. Anaerobic digestion produces power from food waste. The TEG Group shares were down 46.6% at 2.61 pence Tuesday afternoon. - See more at: http://www.morningstar.co.uk/uk/news/AN_1412084840001740900/teg-group-loss-widens%3B-set-to-focus-on-running-plants-not-building.aspx#sthash.frmAJW9I.dpuf
£4,52m..............................go on Pete, you know it makes sense. And I've just seen another holding of mine, Range Res and that's before the good news on Gulf Keystone. Just tried to jump off the Building before realising I live in the basement. DOH!!!
Just arrived home and seen the Chairman is pleased to announce....................... Well Bowlocks to that. Now they are seeking clarification from the large Investors about 'fundraising' So PG if your there bid 9.5p and I will happily give you mine. DROSS bigtime. Another Tax loss looms. I am pleased to present the Group's interim report for the half year ended 30 June 2014, the first set of results since my appointment in March 2014. Whilst it has been another encouraging period for the Operations division, during which the Group acquired the Hillbarton composting facility business and assets, the Engineering, Procurement and Construction contracts ("EPC") division was loss making in the period and continues to face a number of challenges.
This has dropped below the last cash call. The management must be very worried now as the big shareholders will be seeking heads...It is now in free fall..
I have no confidence in the management and the`re going to come back with their begging bowl, so they can have another go. If the Directors will put up sme cash and not loans, I might consider it. Otherwise good riddance.
Cancel "Dynarod" . Needs an undertaker..
have phoned " Dynarod"
Have always thought that this company has a synergy with Shanks. They would fit well together and by a takeover it would allow us to get rid of the people who cannot even resolve a question of retention with a council. We are kept like mushrooms as to why Gaydon appears to have run on to the rocks and good news over the last 3 years has been scarce... It is nearly 3 months since we were told they are making solid progress... Wow.
There is a good article on the BBC news website regarding PFI funding for recycling and waste handling. Seems money has been paid to councils who have failed to deliver and due to wishy washy terms of conditions they are STILL getting more..Could Gaydon be a example...
Fear not I am ready with the toilet roll...
This the official quote on ID. Note.....due course. Work is continuing to resolve the outstanding issues and it is anticipated that the release of some retentions will commence in due course. GL
News of the rententions appears to have got stuck in the u bend .. What we need is a good rodding..
Nearly two months has passed since they stated that they were making solid progress with Manchester City Council over the outstanding retentions. Few have any faith in the management of this company and it is always jam tomorrow
I wish it hurry up and happen...Been in this share for so long I no longer even try to remember why I bought them but think it was during my green period ....That has now well and truly changed....
http://www.prodiflex.com/dewatering.html, I found this on the ACP board and although it's set in South Africa it is very relevant to TEG it may take a while longer but almost inevitably environmental pressure will bring us good returns!
I think your being a tad unkind!!!. They would have to take a risk assessment for those two jobs. LOL
Post it again.. Somebody might have missed it!! News from TEG is so rare it is good to remind ourselves that occasionally our beloved hardworking B of D manage to put out a tit bit like how to get the best out tea bag or the danger of using two lumps of sugar..
Yes mate it is. I bought into teg today a little late than July 4 but only small holding as you can see! Hoping for run up continues up to results next month.
Have I missed something but isn't this the RNS released on American Independence day?
The TEG Group Plc (AIM: TEG), the AIM-listed green technology company, which develops and operates organic composting and energy plants, is pleased to provide its half-year trading update. Group Plant Operations Trading in the first half of the year has been very satisfactory and the operational business has exceeded budget to date. The Board was delighted to complete the acquisition of the Hillbarton composting facility at the end of March 2014, to enhance the Company's scope of operations. The Company acquired a 34,000 tonnes per annum In Vessel Composting ("IVC") and Open Air Windrow ("OAW") composting facility, with potential to expand to 50,000 tonnes per annum and with future development potential for a renewable energy plant. At the same time, this has extended the Company's geographic presence into the South West of England. Integration of the business has gone well. Anaerobic Digestion ("AD") Facilities The £16m Dagenham IVC and AD facility was delivered to time and budget at the end of February this year and TEG has moved into a 15-year operating and maintenance contract, which will generate £1.3m per year in annual revenues. The plant is operating well. The Perth AD plant continues to operate very well, with consistently high power output and electricity sales. Greater Manchester Contract The Company is pleased to report solid progress in relation to the Manchester contracts. Work is continuing to resolve the outstanding issues and it is anticipated that the release of some retentions will commence in due course. Strategic Activities Unfortunately the Company has not yet been able to reach financial close of the Gaydon project in Warwickshire. Whilst early construction activities have been undertaken, there remain certain site related issues to resolve before financial close can be achieved. The Company is pursuing a number of other projects from its pipeline, including the development of other Company assets. Market Update The Company believes that market forces continue to develop in favour of TEG, with landfill tax, recycling targets and legislation forcing increased diversion of waste from landfill. The implementation of the landfill ban in Scotland has seen a marked increase in waste supply in 2014. The wider regulatory environment continues to benefit the Company with few IVC technologies now able to meet the stringent environmental standards required. The Company will announce its interim results for the period to 30th June 2014 during September 2014. Commenting for TEG, Chief Executive Mick Fishwick said "It has been a very strong start to the year by our operational businesses and we are delighted with the good performance of the two AD plants. It is of course frustrating that we have not yet been able to reach financial close of the Gaydon project but we continue to pursue this and other development opportunities. The Compan
I have wondered if the rententions could spring a leak. Employees must be in a position to see if progress is being made but more likely it is a few who think having waited so long it cannot be far away. Cannot find anything anyway on Gaydon so just a case of keep on holding and hope for an early morning surprise!!
Someone has been buying shares. Maybe they know something we on this Forum would all like to know.
Another build up of hot air???