Business at waste management products manufacturer and services supplier Helesi (Egio / Greece; www.helesi.com) remained positive in 2009 with an operating cash flow of EUR 2.5m, despite what the company called unprecedented trading conditions. Profits before finance charges and tax were down 15% at EUR 8.9m, although group revenue increased 12% to EUR 73.9m. The three factors that led to a 2.4% increase in year-end debt (EUR 71.7m) were the group’s investment programme, delays in the receipt of government grants and slower payment by customers.

The new EUR 25m plant for production of pallet boxes and food containers in Pasticcio / Italy came on stream during the year but target production levels are not expected to be reached until the second half of 2011. A second new factory for wheeled bins in Komotini / Greece was completed in February 2009 and immediately entered commercial production. Both projects remained on budget but created twice the capacity needed for market demand. As a result, production was ceased at the Bradford / UK plant, which is now operating as an assembly and distribution centre. Subsequently, part of the assets of Helesi UK were sold to Straight (Leeds / UK; www.straight.co.uk) – see Plasteurope.com of 22.03.2010.

Last year Helesi also entered new markets in India, Abu Dhabi and Qatar to diversify revenue streams. In the first quarter of 2010 the group had a pipeline of EUR 40m of products and services. However, the principal focus for the short term is cash collection and management so as to reduce net debt.