TIDMSID

RNS Number : 6607A

Silverdell PLC

03 April 2012

Silverdell PLC

("Silverdell" or "the Group")

Trading Update and New Contract wins

Silverdell PLC (AIM: SID), the Environmental Support Services group, issues a trading update in advance of its interim results for the six months ended 31 March 2012 which will be announced on Wednesday 13(th) June 2012.

Revenues for the six months ended 31(st) March 2012 are expected to be approximately 5% ahead of last year, with a very strong performance by our Consulting division. Our business remains second half weighted, especially so this year in our remediation business, due to the timing of certain key contracts that are underway. Consequently we look forward to a firm and committed pipeline in the second half of the year. Gross margins have been maintained across the Group.

We have continued with our strategy of developing our capabilities by the introduction of additional senior key staff which has had an initial impact on EBITDA in this period; however, we are now seeing the effect of these changes by the progressive reduction of our cost base as we integrate our contracting divisions, Kitsons and Silverdell.

The order book of GBP117m stands at a record level for the Group, 70% higher than previous year, which, coupled with further contract wins and maintaining our policy of securing long term contracts with existing and new blue chip customers gives the Board confidence of meeting full year expectations.

Contract Wins

Since our trading update of 29 February 2012 we have secured a number of new contracts including:

   --      GBP3m of cumulative work for high street retailers, 
   --      GBP1m p.a. three year Gatwick Airport term maintenance contract, 
   --      GBP1m industrial services contract at an onshore gas plant in the North West, 
   --      GBP0.5m of major rail infrastructure works in the South East.

Sean Nutley, Group CEO, said:

"This has been another period of encouraging progress for the Group. In recognition of the need to create a strong platform for further growth, we have strengthened and improved the operational efficiency of our divisions while enhancing our management team capability. These measures will help give us the resources we need to continue to execute our growth strategy and we look forward to the future with confidence."

3 April 2012

ENQUIRIES:

 
 Silverdell                               Tel: + 44 20 7389 6800 
 Sean Nutley, Group Chief Executive 
 Ian Johnson, Group Financial 
  Director 
 
 finnCap                                  Tel: + 44 20 7523 8000 
 Marc Young / Ben Thompson - Corporate 
  Finance 
  Tom Jenkins / Victoria Bates 
  - Corporate Broking 
 
 College Hill 
 Helen Tarbet                             Tel: + 44 20 7457 2020 
 Mark Garraway                                  +44 78 2560 9737

This information is provided by RNS

The company news service from the London Stock Exchange

END

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