Royal Imtech has said that significant debt reduction is a key priority with the publication of its latest trading update ahead of its half year results announcement on 26th August.
Operational performance for the total group on order intake, revenue and operational EBITDA margin in the second quarter of 2014 came in at approximately similar levels as the first quarter 2014.
Net debt at the end of June 2014 was approximately 1,040 million euro of which 43 million euro is non cash and relates to the earlier announced financing arrangement.
As previously announced, the company said that significant debt reduction is a key priority which all stakeholders will benefit from given the expense associated with the current debt level.
Imtech said it will continue to review all options to achieve such significant debt reduction. As part of this programme, Imtech has initiated discussions with its financiers regarding an amendment of its finance agreements including financial covenants. A further update will be provided with the announcement of the half year results.
The update says that the sale process of Imtech’s ICT division is well on track – the firm e expects to announce the outcome in the third quarter of 2014. The proceeds of the divestment will be used to reduce debt.
KPMG will review Imtech’s first half year results for 2014 when published later this month.
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