HLS Helesi

TIDMHLS

RNS Number : 6976A

Helesi PLC

04 February 2011

4 February 2011

Helesi PLC

("Helesi" or "the Company")

Trading update

Helesi (AIM: HLS), the Greece, Italy and Cyprus based waste management products manufacturer and services supplier, announces a trading update for the financial year ended 31 December 2011.

Helesi's operating and financial performance in the second half of 2010 has been in line with guidance provided in its interim results to 30 June 2010, announced on 29 September 2010.

The Company expects to report revenue for 2010 of approximately EUR 50.5 million (2009: EUR 73.9 million) and an EBITDA of approximately EUR 4.0 million (2009: EUR 12.7 million). Revenue will be lower than in 2009 due to reduced activity in the market place and the implementation of fundamental reforms to local municipalities and communities.

The second half of 2010 has continued to be challenging, although we are seeing an improvement in the political situation in Greece.. The principal focus of the Company continues to be on generating cash to reduce its level of indebtedness. As anticipated, this level began to fall in the second half of the year. In particular, EUR 8.1 million was received in government grants, leaving EUR 1.7 million outstanding. As a result, net debt stood at approximately EUR 63 million as at 31 December 2010, down from EUR 73.9 million six months earlier.

The Company will report preliminary results in early April 2011.

For further information please visit www.helesi.com or contact:

 
Helesi PLC                               + 30 22990 82700 
Sakis Andrianopoulos, Chief Executive, 
Ioannis Tolias, Finance Director         itolias@helesi.com 
 
Panmure Gordon                           +44 (0) 20 7459 3600 
Andrew Godber 
Katherine Roe 
 
Tavistock Communications                 + 44 (0) 20 7920 3150 
Simon Hudson                             shudson@tavistock.co.uk 
Lydia Eades                              leades@tavistock.co.uk 
 

About Helesi

Helesi is a specialist designer and manufacturer of plastic products mainly for use in the waste management industry and a provider of waste management services. Its activities comprise:

-- the design and manufacture of plastic waste containers including 2 and 4 wheeled bins, pre-sorting bins and the full range of EN 840 standard containers;

-- the provision of waste management services (waste collection, container washing, street sweeping and recyclable materials collection).

-- the design and manufacture of material handling plastic products (pallet boxes and crates) for agricultural, domestic and industrial use and other injection-moulding plastic products such as fish crates, and stadium seats;

-- the supply of special vehicles and equipment for the waste management industry; and

-- the recycling of used tyres.

Demand for Helesi's products and services in developed waste management markets is driven by increasingly stringent regulation on waste management and recycling. Growing demand is also being experienced in developing countries, which are looking to establish centralised and orderly waste management services. Helesi has developed a strong market position in both the developed waste management markets of Western Europe as well as in the high growth markets of South-eastern Europe, the Mediterranean and the Middle East. With sales in 52 countries, the Company derives more than 70% of its waste container revenue internationally.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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