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EQTEC revenues more than double in first half, looks to shore up funding strategy

The waste-to-energy firm also said it had implemented a number of cash-saving initiatives post-period in a push to reduce annualised costs by around 30%

EQTEC PLC - EQTEC revenues more than double in first half, looks to shore up funding strategy
The company has a number of agreements for its waste gasification technology

EQTEC PLC (LON:EQT) almost tripled sales in its first half as the waste-to-energy firm looked to cut costs and establish new ways of funding its developments.

For the six months ended 30 June, the AIM-listed firm reported revenues of €1.56mln, up from €550,000 a year ago, while it had ended the period with net current assets totalling €530,000 compared to net current liabilities of €2.65mln at the end of 2018.

READ: EQTEC announces management handover with David Palumbo named as new CEO

Pre-tax losses, meanwhile, had widened slightly to €1.97 from €1.9mln.

Post-period, EQTEC said it had identified and implemented several cash saving initiatives, including salary reductions for its management team, which were expected to result in an annualised cash cost reduction of around 30%.

The group also highlighted the appointment of a new chief executive, David Palumbo, in September and new chief technical officer Yoel Aleman in August.

Looking ahead, the company said it would focus on increasing sales and solidifying its capital structure, adding that it would look to establish “new funding structures” to finance its projects and planned development programmes.

“The company has made important progress on a number of fronts in the year to date and enters the remainder of the year with new leadership, a targeted and focused business strategy, a strengthened balance sheet together with reduced operating costs”, said EQTEC chairman Ian Pearson.

Quick facts: EQTEC PLC

Price: 0.48 GBX

AIM:EQT
Market: AIM
Market Cap: £20.83 m
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