29th Sep 2015 12:49
LONDON (Alliance News) - Aggregated Micro Power Holdings PLC Tuesday said its pretax loss was significantly wider in the first half of 2015 despite revenue rising after it booked a large impairment against one of its combined heat-and-power plants in the UK.
The renewable energy developer focused on biomass reported a GBP4.7 million pretax loss in the first six months of 2015, significantly wider than the GBP1.8 million loss booked a year earlier despite revenue rising to GBP627,275 from GBP146,036.
The main causes of the wider loss were a GBP2.8 million impairment against its combined heat-and-power project in Low Plains in the UK, compared to nil a year earlier and administrative costs rising to GBP1.9 million from GBP1.5 million.
Aggregated Micro said the impairment was booked because it needs to replace the older, less efficient plant with more modern and reliable equipment from Germany.
Despite the rise in revenue however, the company's gross profit fell to GBP27,577 from the GBP86,767 profit made a year ago.
The company has been focused on developing its small scale biomass boiler business and securing capital to fund its projects. It has also been trying to establish combined heat-and-power projects at Low Plains, Hill Barton and Kingsnorth, all in the UK, and on raising the project finance to complete the projects.
Aggregated Micro shares were untraded on Tuesday, last traded at 81.0 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
AMPH.L