4th Jul 2018 08:44
LONDON (Alliance News) - Heat, power and renewable fuels distributor Aggregated Micro Power Holdings PLC said Wednesday its annual revenue doubled after completing two acquisitions.
For the year to March 31, the company posted revenue of GBP43.2 million, up two-fold on GBP19.7 million last year. Pretax profit climbed to GBP1.7 million from GBP933,480 year-on-year.
Chief Executive Officer Richard Burrell said: "Our company continues to develop at a frenetic pace. The highlights of the year were the completion of two further acquisitions and an increase of circa 100% in both turnover and net profit."
During the year, the company bought Patchwork Energy Ltd and Midlands Wood Fuels Ltd.
"The immediate job following these acquisitions was to get through the winter heating season. This was to be one of the most challenging for many years exemplified by the impact of the "Beast from the East" and colder weather compared to previous winters," Burrell added.
The company operates through three business divisions, Wood Fuels, Project Development and HQ & Investments.
In Wood Fuels, revenue increased to GBP40.0 million from GBP15.8 million year-on-year. Meanwhile, in Project Development, sales dipped to GBP3.2 million from GBP3.9 million a year ago.
Burrell described the company as "exceptionally busy" and said that 2018 "promises to be an equally exciting year".
Aggregated Micro Power shares were 2.9% higher at 108.00 pence on Wednesday.
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