26th May 2015 09:09
LONDON (Alliance News) - Aggregated Micro Power Holdings PLC Tuesday reported a widened pretax loss in 2014, despite revenue growing by more than half, and said it plans to partner up with Forest Fuels Holdings Ltd in the current year.
The renewable energy developer reported a GBP6 million pretax loss in 2014, much wider than the GBP2.4 million loss reported in 2013, even though revenue increased by more than half to GBP252,973 from GBP142,665.
The loss included a GBP2.2 million impairment charge at the Low Plains site in Cumbria as well as deferred consideration charges and a loss on the disposal of AMP Heat Ltd.
AMP added that it intends to form a partnership with Forest Fuels Holdings, a biomass chip and pellet distributor with sales representing 10% of the UK chip market.
"This is a significant step in the development of the group which could accelerate our strategic ambitions significantly and, together with the operational progress of the business, allows us to look to the future with great confidence," Chief Executive Richard Burrell said of the partnership.
AMP also said it has received planning approval for its combined heat and power sites in Kent and Devon, with construction expected to commence within the next 12 months.
"Looking beyond 2015, we have secured a significant position in two large scale biomass CHP developments in Immingham and Hull and both these schemes have planning and grid connection offers. With a strong pipeline, our future success will depend upon our ability to attract further capital to enable schemes to reach financial close, begin construction and ultimately to be refinanced, post commissioning," Chairman Neil Eckert said.
Shares in AMP were untraded on Tuesday, last trading at 92.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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