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Silverdell turnover shrinks, despite winning utilities and nuclear work

30 Sep 10 Asbestos removal firm Silverdell will experience a reduced turnover for the year ending 30 September 2010, despite winning new work in the utilities and nuclear sectors.

Asbestos removal firm Silverdell will experience a reduced turnover for the year ending 30 September 2010, despite winning new work in the utilities and nuclear sectors.

The firm said its full year turnover will be slightly lower than in 2009, but with “a significant improvement in profitability”. Gross margins are expected to be around 25%.

Silverdell said it had “won a number of significant new framework contracts during the year and these, along with revenue derived from the utilities, nuclear and industrial segment have underpinned the revenue performance against a difficult market backdrop”.

The consulting division also “performed well” in the second half of 2010.

Net debt at 30 September 2010 is expected to be slightly lower than a year ago with more than £1.7m of its bank loan having been repaid during the year.

Chairman Stuart Doughty said: "Silverdell has continued to win market share in the UK and this trend is expected to continue, with a good level of enquiries from the utilities, nuclear and industrial sector together with some promising overseas opportunities.

“The improvement in the business that was shown in H1 has continued into H2, and the Group looks forward to the future with confidence and in its ability to grow, both organically and by acquisition."

Silverdell will announce full year results on 30 November 2010.

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