The company's revenue forecast of about €15mln (£12.9mln) for the year remains in line with forecasts previously announced. Those forecasts anticipated a heavily back-loaded year for financial close of key opportunities and deal closure remains the primary focus of the company, it said.
“Subject to timely closure of target opportunities and timely receipt of development fees and initial payment for technology equipment and services, the company still expects to see its first year of profitability in 2021,” it said.
EQTEC also appointed Nauman Babar as finance director with immediate effect.
He will take over from Gerry Madden who announced in May that he planned to retire in 2021 and resign as finance director.
“Babar brings both breadth and depth of expertise to EQTEC's Finance and Corporate Governance activities,” the company said.
His background includes almost 20 years in finance-related roles, including at private equity-backed companies, accountancy and transaction services at PwC and EY, finance transformation services at Accenture and a range of business leadership roles at Woodlands Energy Services. He has director-level experience in the energy and utilities sectors across Europe and the Middle East.
As part of its trading update, EQTEC said two biomass-to-energy plants under construction by EQTEC and its partners - the Agrigas 1 agricultural waste project in Greece and the North Fork Community Power forestry waste project in the US - are progressing despite pandemic-related challenges.
The company said the ongoing external impacts of COVID-19 restrictions continue to be felt.
“In addition to issues with timing of shipments and a slower speed of administrative work by financial institutions and government authorities, the availability of commodities such as steel and cement has declined and as a result, commodity prices have increased.
“The company is experiencing delays in a small number of specific orders as well as an increase in prices for some components and it continues to find travel to key sites difficult and less frequent.
“The management team expects to see the impact on travel lessen in Q3 and Q4, but with a longer recovery period for availability, pricing and delivery of some key components,” it said.