Tox in halt, tips $28m FY earnings

Tox Free Solutions has placed its shares in a trading halt as it organises a capital raising and tips earnings to reach $28 million for the current financial year.

The Nedlands-based company said it expects to release its shares from a trading halt by the start of trade tomorrow. Shares in the company last traded at $2.48.

In a separate update, Tox Free said that with the addition of new contracts and continued organic growth, it expects earnings before interest, tax, depreciation and amortisation to be between $26 million and $28 million.

"The earnings guidance range is based on a number of assumptions within the FY10 forecast including the timing of further mobilisation for the Gorgon contract, activity in emergency response services, timing of civil infrastructure projects, speed of the economic recovery and timing of industrial service earnings tied to the oil and gas drilling programmes to commence in the new calendar year," Tox Free said.