U.K. biogas developer reports improved financial results
A U.K. company active in the biogas sector has released its financial results for the first half of 2013. The TEG Group PLC reported significantly increased revenue and profit, when compared to the same period of last year.
The TEG Group reported revenue of £12.91 million ($20.9 million) for the first half of 2013, up from £5.62 million reported for the same period of last year. Gross profits for the half increased to £1.94 million from £1.27 million for the first half of 2012. The company reported an operating loss of £777,000 for the first six months of this year, down from the £1.79 million reported for the same period of last year.
"I am pleased to see that TEG has been able to continue the significant progress it saw during the second half of 2012 and the ongoing success of the group's own plant operations demonstrates that market demand for more capacity remains strong,” said Rory Maw, non-executive chairman of TEG Group.
According to TEG Group’s financial release, it has a collaboration with UTS Biogastechnik GmbH, a leading biogas company that offers services in the planning, construction, delivery and installation of biogas plants. The TEG Group, in partnership with Albion LLP, has developed a the joint venture company TEG Biogas (Perth) Ltd. The company also has a joint venture known as TEG Biogas (London) Ltd., which was established with funding partners led by Foresight Environmental Fund LP. TEG Biogas London is developing a 1.4 MW anaerobic digestion plant in Dagenham, England. The facility is expected to begin operations this year.