Interim results for the half year ended 31 March 2010 - Regulatory Release
Silverdell, the leading specialist in hazardous waste services, providing consulting and contracting solutions, reports interim results for the half year ended 31 March 2010, with underlying EBITDA** of £1.9 million and revenues held flat at £29.6 million.
** Before goodwill impairment, intangible asset amortisation, share-based payments and non-recurring items
- New strategy: "Protecting Lives, Creating Value"
- A number of significant new contract wins
- Revenues flat at £29.6m (2009: £29.7m)
- Gross margin 25.0% (2009: 23.6%)
- Underlying EBITDA* up 216% £1.9m (2009:£0.6m)
- Net debt £5.8m (2009:£13.7m)
- Order book £60m (31 Oct 2009: £57m** (as restated))
* Before non-recurring items, goodwill impairment and, intangible assets amortisation and share-based payment charges
** The Group's method of calculating the order book was changed during the period to include estimates of future revenues for the remaining term of framework contracts. Previously, the order book only included framework contract revenues for the current financial year. In order to aid comparability, the comparative order book figures disclosed in the Group's last annual report have been restated.
Commenting on the results, the Chairman, Stuart Doughty, said:
"The last six months has seen Silverdell continue to strengthen its position as the UK's leading asbestos remediation business. In the 12 months since I joined, I have been pleased with our progress as we have re-established effective financial controls, substantially reduced the debt and improved cohesion in the Group by redefining a number of senior management roles.
"This progress has been made against the backdrop of tough market conditions, particularly for the Construction sector, and reinforces management's view that Silverdell is now firmly positioned as a service partner, rather than a contractor, to a wide range of customers. This progress has enabled us to undertake a complete review of the business and to optimise the value proposition going forward. We now feel able to announce a new strategy aimed at maximising our position in a market driven by legislation, regulation and an increasing awareness of the implications of asbestos still found in the majority of buildings not only in the UK but worldwide.
"We remain positive about the Group's outlook, although the overall economy will continue to be challenging. The order book is strong at £60m (order book at 31 October 2009:£57m** (restated)), with £20m booked for the second half of 2010. We remain confident that our strategy will continue to deliver shareholder value."
ENDS
ENQUIRIES:
Silverdell Group PLC
Tel: 020 7004 2741
Sean Nutley, Chief Executive
Ian Johnson, Finance Director
College Hill (Public Relations)
Tel: 020 7457 2020
Adam Aljewicz
Mark Garraway
Collins Stewart (Nominated Advisor)
Tel. 020 7523 8000
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