25 May 2012

Silverdell lands new contracts

03/02/2012 Miles Nolan

Asbestos consulting specialist Silverdell (SID) has been awarded new work valued at a total of £3.65 million, and reckons there is more in the pipeline.

The AIM listed company has secured framework contracts for consultancy advice in the utilities and social housing markets, which has a combined value of £1.4 million. Of this, some £1.1 million relates to work for a major energy supplier in the North of England. It will undertake surveys and is to be the preferred supplier for four years. The balance of the framework business is for a housing association in Yorkshire to provide hazardous waste consultancy.

Asbestos remediation work continues to be the mainstay of Silverdell, and here it has landed a five-year contract worth in the region of £450,000 a year, with a South-West based housing client. The latest new contracts confirm Silverdell is succcessfully shifting its emphasis towards higher margin consulting work.

By focusing on non-discretionary spend Silverdell is well placed to lock in further work on longer term frameworks - all of which helps boost its visibility. House broker finnCap forecasts 2012 pre-tax profits of £4.5 million and EPS of 1.8p. We last cited Silverdell as a long-term buy at 11.5p in December, now at 11.875p that remains our view.

Tags: AIM market, Framework agreement, Growth company, New contracts

Sector: Support Services

Companies: Silverdell

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