6th Mar 2015 07:32
LONDON (Alliance News) - APR Energy PLC Friday warned that net income in 2014 will be "significantly below current market expectations" and said it will also record "significant non-cash impairment charges".
The electricity and power provider said "it will likely take a number of reserves for receivables, due primarily to the previously announced situation in Libya, and therefore expects 2014 full year net income to be significantly below current market expectations."
In addition, the company said it is re-evaluating the value of its intangible assets and goodwill, which is likely to result in "significant non-cash impairment charges," it said in a statement.
On February 23, APR Energy said it was talks with its lenders about amending its credit facilities, after warning that it may not meet some financial covenants associated with its bank facility on future testing dates.
On Friday, the company said talks are continuing and that the discussions are "progressing well".
By Joshua Warner; [email protected]; @JoshAlliance
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