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EQTEC cuts losses, highlights increasing demand for services in 2020

The waste-to-energy specialist said contracted revenues in the first quarter of 2020 were at €2.35mln, already ahead of the total for the entire previous year

EQTEC PLC - EQTEC cuts losses, highlights increasing demand for services in 2020

EQTEC PLC (LON:EQT) has reported sharply reduced full-year 2019 losses while the waste-to-energy specialist also noted increasing demand for its services into 2020.

For the year ended December 31, 2019, the AIM-listed group reported a loss of €3.6mln, a narrowing from an €8.2mln loss in the prior year, while revenues were €1.6mln compared to €2.2mln in 2018.

READ: EQTEC encouraged by lender support and economics of UK waste-to-energy project

Post-period, EQTEC said contracted revenues in the first quarter of 2020 were at €2.35mln, already ahead of the total for the entire previous year.

The company also said it had a “high degree of earnings visibility” on contracted or near contracted sales of technology, with its results for 2020 expected to be “significantly weighted” to the second half of the year.

EQTEC said demand for its technology and services “remains strong”, noting that the waste to energy market is forecast to grow and there were early indications that demand was increasing.

While the impact of the coronavirus was not yet quantified, the company said the pandemic “may influence the pace and nature of climate action positively”, which in turn could accelerate the recovery of the global economy.

"The group has entered 2020 with positive momentum and demand for our services is increasing”, EQTEC chief executive David Palumbo said in the results statement.

"Whilst there will inevitably be some impact from the pandemic on the Group's performance in [2020], we remain confident in the Group's strategy and its ability to deliver strong returns for stakeholders in the short and medium-term", he added.

EQTEC shares were steady at 0.54p in early deals on Monday.

Quick facts: EQTEC PLC

Price: 0.515 GBX

AIM:EQT
Market: AIM
Market Cap: £35.37 m
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