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Eqtec annual losses widen as higher costs offset climb in revenue
StockMarketWire.com
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Gasification technology solutions company Eqtec reported wider annual losses as higher costs offset a climb in revenue.
For the year ended 31 December 2020, pre-tax losses widened to €5.8 million from €3.6 million year-on-year, while revenue rose to €2.2 million from €1.7 million.
Looking ahead, the company said it would target closing several deals.
'We anticipated the closure of five to eight deals with EQTEC contract values totalling €20 to €40 million [...] and recover two plants built with 'core EQTEC technology where operations were suspended by their owner-operators due to lack of technical integration capabilities,' the company said.
The company would look to begin construction at the Billingham, UK plant, that will produce electricity and heat.
'We anticipate the project will have a contract value in excess of €30 million, which will be recognised as revenue over the life of the contract and lead the way for the two more similarly sized UK RDF facilities in 2022,' the company said.
'Overall, for 2021, the group is forecasting revenues from current projects, new projects and gradual growth from maintenance and consulting contracts of approximately €15 million in 2021, with positive EBITDA, which would make 2021 EQTEC's first year of profitability,' it added.
At 8:38am: (LON:EQT) Eqtec Plc Ord Eur0.001 share price was 0p at 0.51p
Story provided by StockMarketWire.com
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