Water Hall

Landfill and quarrying group Water Hall continues to languish, and there was little to inspire potential investors in its results for the year to December (released well after the period-end). Although it turned in an operating profit, interest payments dragged losses down to £173,000 (£587,000). However, the second half produced a pre-tax profit and the firm's Water Hall Complex - currently its only cash-generative asset - is said to have performed well this year. The company needs to do a lot more to convince the market. It is planning a waste materials recovery and recycling facility for the complex, while a joint venture investment to provide waste management and street-cleaning services on behalf of the Governorate of Suez is forecast to become profitable in 2003. Investors might want steer clear until signs of progress emerge.

Sector: Industrial Engineering

Companies: Water Hall

Market cap: £3.9m

PE Forecast: n/a

Share price: 7p

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