Silverdell launches new asbestos strategy

Grant Prior 14 years ago

Asbestos removal specialist Silverdell returned to profit for the six months to March 31 as the company launched its new strategy to adapt to changes in the market.

Interim results for the half-year showed an operating profit of £908,000 compared to a £6m loss last time.

Turnover was steady at £29.6m while gross margins improved to 25% from 23.6%.

SIlverdell bosses also announced their new strategy known as “Protecting Lives, Creating Value.”

As part of the new strategy, Silverdell is aiming to grow the business organically and via acquisitions as it strives to become a leading provider of environmental services.

Targets include boosting the consulting business to 15% of group revenues, growing the order book ahead of organic revenue growth and driving revenue growth year on year ahead of market growth.

Executive chairman Stuart Doughty said: “The last six months has seen Silverdell continue to strengthen its position as the UK’s leading asbestos remediation business.

“In the 12 months since I joined, I have been pleased with our progress as we have re-established effective financial controls, substantially reduced the debt and improved cohesion in the Group by redefining a number of senior management roles.

“This progress has been made against the backdrop of tough market conditions, particularly for the construction sector, and reinforces management’s view that Silverdell is now firmly positioned as a service partner, rather than a contractor, to a wide range of customers.

“This progress has enabled us to undertake a complete review of the business and to optimise the value proposition going forward.

“We now feel able to announce a new strategy aimed at maximising our position in a market driven by legislation, regulation and an increasing awareness of the implications of asbestos still found in the majority of buildings not only in the UK but worldwide.”

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