Wheelie bins maker Helesi says that the first half has been tough, particularly in its home market in Greece.
Helesi expects to report a fall in interim revenues from €39.2m to €25m in 2010. This decline is partly due to the focus on more profitable business but it is also due to lower market activity. Costs are being reduced.
EBITDA more than halved to €3m in the first half of 2010 and that has made it more difficult to reduce debt as planned. Net debt has edged up to €73m over the six month period. There are outstanding government grants of €9.3m and some of this should come through in the second half.
At 14.5p a share, Helesi is valued at £5.77m.
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