30th Jun 2016 10:28
LONDON (Alliance News) - Aggregated Micro Power Holdings PLC on Wednesday said it has struck two further acquisition deals in the wood fuels sector as it posted a wider pretax loss for 2015.
The company, which sells wood fuels and develops energy projects, said it has proposed the acquisition of Midlands Wood Fuel, a wood fuel supplier, and the customer base of Mi-Generation Ltd, a UK-based biomass boilers and heating pellets supplier.
It will acquire Midlands Wood Fuel for a total of GBP2.3 million, including the repayment of debt. The deal will be half-funded by cash and half by a the issue of convertible loan notes. Mi-Generation, meanwhile, will be acquired for up to GBP750,000 in cash.
These will add to UK wood fuel supplier Forest Fuels, which Aggregated Micro acquired in March this year, and which delivered 20% year-on-year revenue growth in 2015.
The moves came as Aggregated Micro said its made a pretax loss of GBP7.2 million in 2015, compared to GBP6.0 million in 2014, mainly due to losses incurred from exiting its gasification business. Revenue rose to GBP1.1 million, four-times the GBP253,000 made a year earlier, mainly due to development fees received on biomass boiler projects.
Aggregated Micro shares were untraded on Thursday at 67.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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