EQTEC PLC (AIM:EQT) said it expects revenues to show strong growth this year though it has decided to defer the financial close of its Billingham and Deeside projects into next year.
Total revenues for 2021 will fall in a range of €8-10mln (2020: €2.2 mln) said the waste-to-energy company, though this is without around €6mln in fees for development services at Billingham and Deeside that were originally anticipated but which will now be billed in 2022.
EQTEC added it now expects an underlying [EBITDA] loss in the range of €2.5-3.5mln in 2021, prior to closing additional projects that might fall into the current financial year.
David Palumbo, chief executive, said: "2021 has been a transformative year for us and we will enter 2022 with a stronger balance sheet position.
“We delivered financial close on a number of deals, most importantly on two Market Development Centres, both to be operational in 2022 and to become showcases for our capabilities.
“On the one hand, we are disappointed not to have closed on Billingham and Deeside this year, but on the other, we believe these deals will develop into even more compelling propositions for EQTEC, local communities and our stakeholders.”