11th Sep 2013 11:54
LONDON (Alliance News) - Alkane Energy PLC Wednesday saw increases in revenue and pretax profits, as results were bolstered by the acquisition of Maltby Colliery CMM, increased output, and a one-time contract booked by its design-build-and-operate business.
In the half year ended June 30 the group had revenues of GBP11.1 million, up from GBP5.3 million in the previous year. Pretax profit rose to GBP1.0 million from GBP684,000. Alkane's installed capacity has reached 81MW across 22 sites, increasing output for the half year by 44% to 94GWh from 65GWh.
A one-off contract for refurbishment work for GBP4.7 million at Three Nooks Farm boosted the design-build-and-operate business's revenue, although it did not expect this to recur in 2014.
The company said that electricity and gas regulator Ofgem's "Electricity Capacity Assessment" had indicated that supply margins in the UK electricity market could fall to 2% by winter 2015 and 2016, which the company intends to tackle by continued growth in output and installed capacity.
The independent power generator's shares were trading down 1.25 pence at 40.00p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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