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Wed June 16 2021

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Silverdell shows resilience

5 Jun 13 Environmental services specialist Silverdell has reported healthy first-half numbers, boosted by its acquisition of EDS last year.

Chairman Stuart Doughty
Chairman Stuart Doughty

Silverdell saw its own turnover grow 10% to £34.7m in the six months to 31 March 2013 (2012: £31.4m) while EDS’s turnover was up 22% to £29.2m (2012: £ 24.0m).

Total group turnover was therefore more than double the same period of last year, at £63.9m.

Adjusted pre-tax profit reached £3.3m (2012: £1.1m) and adjusted EBITDA was £5.2m (2012: £1.7m) for the group. EDS accounted for around £4.0m of this, delivering good margins in Canada and Australia, although gross margins in the UK decommissioning sector were diluted primarily due to low utilisation as a result of a major contract deferral in the Midlands.

Restructuring of the remediation business last year cut overhead costs by £8.0m in the first half.

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The order book at 31 March 2013 stood at £238m (2012: £133m) with £66m (2012: £33m) scheduled to fall in the second half of the year.

Silverdell is now aiming to grow revenues by at least 15% a year and to achieve and maintain a 10% EBITDA margin.

Chairman Stuart Doughty said: "The strength and breadth of our service offering and the international spread of operations have once again provided the foundations for a resilient set of results and good revenue growth, despite challenging conditions in the UK. With £66m of work scheduled to fall in the second half as at the period end and a record pipeline of opportunities, the outlook remains positive and our expectations for the full year are unchanged. The pipeline of opportunities supports our view that we can fulfil our key strategic objectives of year on year revenue growth and increased EBITDA margin."

Silverdell paid £15m for EDS in May 2012.

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