Water Hall Group sales slump 16.9%
By BFN News | 12:13 PM | Wednesday 26 May, 2010
Waste management group Water Hall reported a 16.9% fall in sales to £1.53m for the year to December.
The group narrowed its loss to £0.724m from £1.226m. No dividend was recommended.
Chairman Raschid Abdullah said the last quarter of 2009 had seen an increase in volumes and strengthening demand continued into the first three months of 2010.
Previously he had reported the company's principal trading activity, inert waste landfill at the Water Hall Complex, was suffering from an exceptional combination of lack of demand and downward pressure on prices and margins.
The average price per load achieved in 2009 was 33% lower than in 2008. However, after 18 months of falling prices, an increase in the gate price was implemented in April 2010.
The company placed the Water Hall Complex on the market in 2009 with the objective of exiting the business sector.
It said that while initial interest was high, the process had been hampered by planning delays. The application was currently with Hertfordshire County Council and was now expected to be determined on June 22.
The company continued to consider suitable acquisitions.
Story provided by Business Financial Newswire