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Silverdell returns to profit

30 Nov 10 Asbestos removal specialist Silverdell Group has turned last year’s operating loss of £5.7m to an operating profit this year of £2.5m.

For the year to 30 September 2010 the company reported revenues down slightly from £59.5m to £56.7m. Adjusted pre-tax profit (before non-recurring items, impairments and amortisation) was up from last year’s £600,000 to £2.5m.

Executive chairman Stuart Doughty also announced that he is stepping aside to be non-executive chairman, leaving chief executive Sean Nutley in day to day charge.

Nutley said: “Our markets remain competitive, particularly in terms of the public sector, but we are confident that we are well placed to benefit from ongoing changes in the industry with regards to legislation surrounding asbestos, and expect growth in the private sector to counteract any drop in activity in the public sector.

“The UK asbestos removal industry is fragmented and competition comes from a number of smaller licensed operators looking to undercut on price. However, Silverdell's competitive advantage has been built on our ability to understand the business needs of our customers who are increasingly looking for delivery partners with a high level of expertise and technical know-how to complete the job safely, quickly and effectively.”

He added: “We have delivered a good performance, consolidating our position as the UK's preeminent remover of asbestos and other notifiable waste material. We have also continued to build on our excellent track record of delivering environmental services solutions across a diverse number of markets.”

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