News blog

Helesi

• BY: Andrew Hore |
• POSTED: 31/01/2014 |

Waste management products and services provider Helesi has finally published its interim figures for 2013 but its financial position remains uncertain. 

Production in Italy has ceased and Helesi is looking to sell the operations and/or assets.

In the six months to June 2013, revenues were flat at €9.9m but the post-tax loss was reduced from €8.2m to €6.5m. Directors remuneration was more than halved to €31,000 in the period.

Net debt was €62.2m at the end of June 2013 and Greece-based Helesi is negotiating with the three main lenders which account for 75% of the debt. Helesi has breached bank covenants and the debt figure is likely to have risen.

More working capital will be required in order to take advantage of a recovery in the Greek market.

Helesi is entitled to compensation because the construction of a waste transfer station in Cyprus has been delayed and a waste management project was terminated by the Cyprus government. Negotiations continue.

Trading in the shares was suspended on 28 June 2013. That is more than six months ago although the quotation has still not been cancelled.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFJanuary2014_52.pdf