RE: Interim results27 Sep 2018 08:05
REG – EQTEC PLC – Interim Results
27 September 2018 07:01
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RNS Number : 0840C
EQTEC PLC
27 September 2018
27 September 2018
EQTEC plc
("EQTEC", the "Company" or the "Group")
Half Year 2018 Results and Increased Loan Facility
EQTEC plc (AIM:EQT), the technology solution company for waste gasification to
energy projects, announces its unaudited interim results for the six months
ended 30 June 2018.
Ian Price, Chief Executive Officer, commented:
"EQTEC enters the second half of the year with a focused pipeline and with the
agreement of an increased loan facility the Company has the potential to
create significant shareholder value.
"I am looking forward to the challenge of the role of CEO at EQTEC at a time
of tremendous opportunity. The issue of increased global consumption leading
to more and more waste, coupled with an increasing need for sustainable
energy, is creating a highly receptive environment for our waste conversion
technology. I look forward to driving the strategic development of the
business including adding value and synergies through a number of potential
acquisitions with the support of all of our stakeholders.
"My review of the needs of the business has highlighted an immediate
requirement for more engineering resource to support our current deal flow.
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. 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 are delighted to have agreed an increased facility with our lenders and
increased drawdowns over the coming six months. As such, we believe that we
are well capitalised and do not foresee a need for a placing in the near
future. The increased facility will underpin our shift to a near-term focus
from business development to pipeline execution to ensure delivery on customer
requirements for immediate pipeline opportunities.
"We look forward to updating the market further as we continue to develop and
consolidate our position in the waste to energy sector."
H1 2018 Operational Highlights
Pipeline of projects
· Brooke Energy UK
The Usk Project (previously known as Zebec Energy project) located in the
municipality of Usk, Wales is for a facility which will have a capacity to
process ca. 42,000 tonnes of wood waste per year and a power output of 6.4
MWe. The financial close of the project is expected in Q1 of 2019 with the