Business
2022 Trading Update
2022 Trading Update.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n 6 February 2023\n \n \n \n \n \n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n 2022 Trading Update\n \n \n \n \n \n \n \n \n EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation is pleased to provide an update on its 2022 unaudited results and its progress in 2023.\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n \n 2022 revenues expected to meet guidance\n \n \n \n ·\n \n Business plan adapted to meet changing market conditions\n \n \n \n ·\n \n Three Market Development Centres progress steadily\n \n \n \n ·\n \n Technology innovation and application reinforce EQTEC leadership\n \n \n \n ·\n \n Strategic focus on Deeside and delegated approach to other projects\n \n \n \n \n \n \n \n \n \n 2022 unaudited results\n \n \n \n \n \n \n \n \n The Company is pleased to report successful achievement of 2022 revenues in line with its guidance published on 01 December 2022. The Company is undertaking its annual audit imminently and expects to report its fully audited 2022 results in Q2 2023.\n \n \n \n \n \n \n Strategic focus and business continuity\n \n \n \n \n \n \n In response to changing market conditions in early 2022, the Company updated its business plan to: focus its portfolio of active projects on the strategically most important; reduce its project development liabilities; and engage project developers and owner-operators in actively leading development activities (the \"Focus Plan\").\n \n \n \n \n \n To ensure business continuity in the face of the economic downturn and tighter capital markets, the Company agreed two loan facilities, one as a convertible loan facility with the Company's largest shareholder, Altair Group Investment Limited. The Company also raised £3.75 million (before expenses) through the placing of new ordinary shares, with the majority of the Board participating.\n \n \n \n \n \n \n Market Development Centres (MDCs)\n \n \n \n \n \n \n \n \n The Company continued to prioritise development of its MDCs as live, profitable reference plants that demonstrate a range of EQTEC solutions for different business models for wa...