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EQTEC shares soar as company predicts profit for 2021

EQTEC has seen “considerable growth” in its pipeline

EQTEC (LON:EQT) announced on Monday that it is anticipating profitability in 2021 as its pipeline continues to grow.

The company is also expecting to confirm a loss no lower than €4m for 2020 before any potential one-off adjustments.

Into afternoon trading, EQTEC’s share price was up by 19.7% at 2.275p per share

EQTEC said it had seen “considerable growth” in its pipeline, particularly in Europe, and also with new interest from Asia, the Middle East and Australia.

Between July and February this year, the company added non-contracted tender opportunities worth an estimated €316m for a total potential pipeline value of €657m.

EQTEC is forecasting its revenue to be around €15m in 2021 which would make it the company’s first year of profitability. Its final year results for 2020 will be announced in April.

David Palumbo, chief executive of EQTEC, commented on the company’s progress during the pandemic while looking forward to the coming year.

“I am pleased with our progress to date – not only because amid a global pandemic crisis we grew the influence and reach of our business by further developing partnerships, pipeline and impact of EQTEC development capital, but also because of the increasing operational and managerial discipline we established,” said Palumbo.

“The business platform we now have in place is exactly what we set out to build and has grown our reach and impact toward building more advanced gasification plants in more markets with a greater, cleaner impact on local communities and greater returns for our shareholders. Supported by our strategic partners, we are better positioned than ever for growth and profitability in 2021 and beyond.”

EQTEC confirmed a week ago that the company had been called in to look at a waste-to-energy solution for Toyota’s engine manufacturing plant in Deeside.

The EQTEC subsidiary that is overseeing the Deeside Refuse Derived Fuel (RDF) project will collaborate with Toyota Motor Manufacturing (UK) over a period of three years.

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