Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Order delay blunts TEG
'Green' composting specialist TEG Group (TEG) lost £628,000 last year, despite brisk turnover growth, as a key waste project met delays. Based in Chorley, Lancashire, and quoted on AIM, the company, which develops and runs organic composting and energy plants, increased revenues 35 per cent to £20.7 million in 2010, but a 16 per cent administrative expense hike to £5 million, combined acquisition and amortisation costs of £294,000, heavier finance costs at £1254,000 and the absence of 2009's £135,000 of negative goodwill helped turn pre-tax profits of £155,000 into a loss of nearly £630,000.
Chief executive Michael Fishwick says TEG reduced operating losses 45 per cent to £398,000 and achieved several objectives last year. These included commissioning a second waste facility under a Private Finance Initiative (PFI) contract in Manchester, clinching a 16,000-tonnes-a-year anaerobic digestion facility backed by Albion Ventures and Zero Waste Scotland, and securing £1.9 million support from the London Waste and Recycling Board for a proposed anaerobic digestion and in-vessel composting facility in Dagenham, East London, to generate more than one million megawatts of electricity as from 2012.
But disappointment came with delays in obtaining clearance to start building a fourth facility under the Manchester PFI contract, because the cllent could not complete the necessary site investigations in time. Fishwick says this £12 million contract would have generated income of £3 to £4 million last year, much of it going straight to the bottom line, but indicates it will now come 'in a few months' time'.
Fishwick points to the Government's strategy of increasing landfill taxes by £8 a tonne annually until it reaches £100 a tonne in three years as crucially underpinning TEG's alternative waste treatments. Longer term, he sees promise in the company's Natural Organic Fertiliser subsidiary.
According to Fishwick, TEG's year-end cash of £3.4 million is enough to fund continuing operations, but not planned expansion, which will need deals. Floated six years ago at 50p, TEG shares have fallen over the past year from 44.5p to 26.5p, valuing the company at £20.2 million. They could reward a patient recovery speculation.
Achieve impressive returns
Gain instant access to some of the best-performing and fastest growing companies in the small cap arenaClick here
Advertisement
Achieve impressive returns on the go
Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!
Institutional Investors in AIM 2011 - New Report
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Popular News
Acquisition
Acquisitions
Aim
Aim Market
Boardroom Moves
Breaking-even
British Technology
Cash
China
Commodities
Credit Crunch
Deals & Contracts
Debt
Dividend
Emerging Markets
Full List
Fundraisings
Gold
Growth Company
Growth Stocks
Loss Making
Main Market
Mergers & Acquisitions
New Issues
Penny Shares
Placing
Plus Markets
Profit Warning
Restructuring
South Africa
Speculative Punts
Technology
Trading Update
Turnaround
Undervalued
Advertisement
Latest News
Shell considers Cove 24/05/2012
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Roxi reaches 1,360 metres 23/05/2012
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
Cluff Natural Resources joins AIM 22/05/2012
Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
Red Emperor exercises Shabeel 21/05/2012
Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
Heritage happy in Iraq 18/05/2012
Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.
Sectors
Aerospace & Defence
Alternative Energy
Automobiles & Parts
Banks
Beverages
Chemicals
Construction & Materials
Electricity
Electronic & Electrical Equipment
Equity Investment Instruments
Financial Services
Fixed Line Telecommunications
Food & Drug Retailers
Food Producers
Forestry & Paper
Gas, Water & Multiutilities
General Financial
General Industrials
General Retailers
Health Care Equipment & Services
Household Goods
Industrial Engineering
Industrial Metals
Industrial Transportation
Leisure Goods
Life Insurance
Media
Mining
Mobile Telecommunications
Nonequity Investment Instruments
Nonlife Insurance
Oil & Gas Producers
Oil Equipment, Services & Distribution
Personal Goods
Pharmaceuticals & Biotechnology
