22 September 2014

Virotec to raise £9m

08/07/2005 Robert Tyerman

Environmental and extractive waste-treatment specialist Virotec International is raising £9.3 million at 30p and says it expects to report a maiden profit for the year to last month.

Queensland-based Virotec, headed by executive chairman Brian Sheeran, lost the equivalent of £6 million in 2003-04 (on revenues of £770,000 and after directors' fees of £3 million). More recently it has begun to turn the corner. In December, the AIM-quoted company says it expects to report pre-tax profits of between £1.35 million and £1.75 million for the year to June.

Last December, Virotec received £650,000 in cash and debt repayment from selling its oil refining technology business HydroDec to another company, Vert-eco. The deal also brought the company a 38 per cent stake in the purchaser's equity and it keeps a five per cent royalty on HydroDec's gross revenues.

Last month, Virotech won a contract to treat waste rock at Skytop Mountain in Pennsylvania, whose initial phase could be worth up to £700,000, says Sheeran. The company has now also clinched an exclusive agreement with Saudi Arabia's family-owned Al-Othman group, whereby Al-Othman will sell Virotec's environmental services throughout the desert kingdom (which has only lately become aware of alarming contamination levels from its oil industry).

Broker Numis is handling the placing for Virotec, whose shares were up 2p this morning to 33.75p. They could make further gains.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + VAT. Click here for more info

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

Latest News

The company is active in a number of gold projects in South America

Orosur looking solid 19/09/2014

South American gold producer Orosur Mining (AIM:OMI) reported a decline in production in its first-quarter results.

Tags: Gold

Petroceltic wins Egyptian award 19/09/2014

Oil explorer Petroceltic International (AIM:PCI) reported that it won a new licence for Egypt.

Tags: AIM oil and gas, Business in Africa

Avanti wins Kenyan deal 12/09/2014

Broadband-by-satellite operator Avanti Communications (AIM:AVN) has won a deal to provide its services in Kenya.

Tags: Business in Africa, Contract wins

Mariana pushing hard at Condor de Oro 12/09/2014

Latin American gold play Mariana Resources (AIM:MARL) has reported results from its drilling programme in Peru. 

Tags: Gold, Mining

Karelian finishes sampling programme 04/09/2014

Finnish miner Karelian Diamonds (AIM:KDR) has completed the sampling programme of three target regions.

Tags: Diamonds, Mining

Urban & Civic wins Cambridge plan 04/09/2014

Property developer Urban & Civic (LSE:UANC) has won a deal with the MoD to redevelop former RAF barracks.

Tags: Property

More News