Asbestos removal and management company, Silverdell, firmed this morning after the company reported an increase in revenues in the second half and said it would report second half EBITDA (earnings before interest, tax, depreciation and amortisation) at approximately double the level of the first half of the year.
Silverdell additionally announced that it CEO, Danny Spicer would step down from the board to concentrate on his role at Silverdell Limited, and would be replaced by Sean Nutley. Chris Sims, Finance Director, is also stepping down. The search for a suitable replacement is underway.
David Williams, Chairman of Silverdell, commented:
"The current financial year has started positively with some useful contract wins. It is expected that current year results will show an improvement on the previous year but, mindful of the present economic environment, it would be imprudent to be overly optimistic at this stage of the financial year about the revenue outlook. We expect to give more detail on the current year trading outlook at the time of our
full year results announcement."
Shares in Silverdell have fallen sharply in recent months, primarily on fears about the impact of a downturn in UK economy. However, a number of the directors of Silverdell have purchased shares in the market at prices between 47 pence and 85 pence since May, 2008 at a total cost in excess of £600,000.