Sydney - Thursday - Sep 14: (RWE Australian Business News) - Tox...

Sydney - Thursday - Sep 14: (RWE Australian Business News) - Tox
Free Solutions Ltd (ASX code: TOX) today said its profit (from
continuing operations) of $4.16 million announced on September 13 was
after $762,000 of depreciation and $104,000 of interest expense,
resulting in EBITDA of $5.03 million, as announced on July 27.
The board also took the opportunity to provide an update on the
company's activities.
Integration of Specialised Tank Cleaning Services (acquired on
July 1) and Grime Fighters (acquired August 1) was complete.
Although in the early stages of amalgamation, the Grime Fighters
business was performing above initial expectations due to increased
activity in the Goldfields.
Kwinana operations were performing well with a number of
long-term contracts being negotiated.
Tox Free was also expecting further drive for the remediation of
contaminated soils with the recent implementation of the Contaminated
Sites Legislation in Western Australia.
Demand for Port Hedlands incineration services was at an
all-time high with the business performing strongly, as expected.
Delvex continued to expand its market share by broadening its
client base to other industry sectors, and was performing in line with
initial projections.
Utilisation of the newly acquired assets has enabled Tox Free to
provide a broader range of services and the company now has increased
capacity to handle larger industrial services and waste management
contracts. This has already been demonstrated through the award of some
large industrial cleaning and waste management contracts.
Although in the early stages of the financial year, the company
is progressing as forecast to achieve the projected base case EBITDA for
the year ending June 30 2007 of $8 million.