- The Environmental Group (EGL) has had a positive start to the 2021 financial year and is on the hunt for a new CEO
- EGL reported a $12.5 million performance revenue for its first quarter of 2021
- In July, EGL’s industrial subsidiary, Baltec IES, secured over $25 million of orders over the previous 13 months
- These orders are currently being carried out and will result in significantly improved performance revenue from the division
- Total Air Pollution Control (TAPC), another subsidiary of EGL, has completed its design contract for Hastings Technology (HAS) valued at $4 million
- Additionally, the board is currently undertaking a recruitment process for a new company CEO
- On the market today, EGL is up 2.94 per cent and is trading for 3.5 cents each
The Environmental Group (EGL) has had a positive start to the 2021 financial year and is on the hunt for a new CEO.
The company has had an encouraging start to the year with a reported performance revenue of $12.5 million in the first quarter.
The Baltec IES
In July, EGL’s subsidiary, Baltec IES, had secured over $25 million of orders over the previous 13 months. These orders are currently being carried out and will result in a significantly improved performance in revenue from this division.
Baltec IES produces inlet and exhaust systems for gas turbines in the wind and solar market. These systems do not use any rare mineral battery resources.
While, the overall rate of order intakes since July 2020, has been slower than usual, the company is expecting this to pick up in the second half of 2021.
Total Air Pollution Control
Another one of EGL’s businesses, Total Air Pollution Control (TAPC), is Australia’s largest full-service air pollution control company. It supplies a range of products and services for the removal of pollutants from industrial gas and air streams.
TAPC has successfully completed its design work, under phase one of the contract, with Hastings Technology (HAS) – a contract valued $4 million.
Last year, TAPC was awarded a contract from Hastings for the Rotary Kiln off Gas Scrubbing Plant. The off-gas scrubbing plant is a critical and significant part of the processing plant as it managers the treatment of the water-gas generated by the Acid Bake Rotary Kiln yo ensure environmental emission compliance.
New CEO and appointment
Environmental Group’s board is currently undertaking a recruitment process for a new CEO and this is generating interest from a number of very experienced candidates.
Adrian Siah has joined the board as the chair of Audit and Risk Committee, while Dean Dowie has retired and will not stand for re-election.
On the market today, EGL is up 2.94 per cent and is trading for 3.5 cents per share at 12:40 pm AEDT.