30th Sep 2016 10:43
LONDON (Alliance News) - Tidal power firm Atlantis Resources Ltd on Friday reported a widened pretax loss for the first half of 2016 as costs increased for the company.
The firm said it made significant progress on its MeyGen tidal power project in Scotland in the first half and, in September, the project was officially unveiled at an event attended by Nicola Sturgeon, Scotland's first minister.
Atlantis said it remains on track to deliver first power to the national grid from MeyGen Phase 1 A later this year and will provide reports on the progress of production at the project throughout the fourth quarter of 2016.
Atlantis said it made a GBP4.4 million pretax loss in the first half of 2016, compared to a GBP3.7 million loss a year prior. The loss was driven by higher employee benefit and depreciation costs. It made GBP235,000 in revenue, down from GBP462,000, derived from third-party consulting services that it provides.
"The first half of 2016 has been full of positive developments for Atlantis, and it is extremely exciting to see the first phase of the world's flagship project, MeyGen, progressing towards first power in the second half of the year," said Chief Executive Tim Cornelius.
Shares in Atlantis were up 0.7% at 73.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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