19th Dec 2019 14:16
(Alliance News) - Aggregated Micro Power Holdings PLC on Thursday reported that it had swung to a profit for the first half of its financial year due to the increased value in their IncubEx LLC investment.
In the six months to September 30, the company saw a pretax profit of GBP739,455 swinging from a loss of GBP5.4M in the comparative period last year.
This was due to a one-off gain of GBP6.6 million, mainly on the revaluation of the company's holding in IncubEx, following the sale of a 4.0% holding to IPGL Ltd for GBP2.4 million in late November.
IncubEx is an incubator for exchange traded products, services, and technology solutions. Aggregated Micro Power previously held a 29% stake in the incubator.
Aggregated Micro's revenue fell marginally to GBP18.1 million from GBP18.3 million.
While revenue from the wood fuels business division increased by 3.6% to GBP17.3 million, the project development division more than halved from GBP1.6 million in 2018 to GBP780,000.
Executive Chair Neil Eckert said that the lower revenues in the project development division were a result of the timing of development fees which will be weighted to the second half of the year.
The company's administrative expenses increased marginally to GBP7.2 million from GBP7.1 million.
Aggregated Micro did not declare a dividend. In 2018, the company said it underwent a capital reduction during the period to "create distributable reserves", with the intention of making dividend payments in the future.
Shares in the company were untraded on Thursday afternoon in London, last quoted at 85.00 pence per share.
By Ife Taiwo; [email protected]
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