20th May 2015 09:53
LONDON (Alliance News) - Atlantis Resources Ltd Wednesday said its pretax loss widened in 2014 on the back of revenue falling and gains made in 2013 that were not repeated, as it continues to build its UK portfolio around the MeyGen wind turbine project in Scotland.
The vertically integrated turbine supplier and project owner in the tidal power industry reported a SGD16.2 million pretax loss for the year ended December 31, 2014, much wider than the SGD9.7 million loss it reported in 2013.
In 2013, the company made a SGD18.7 million gain on the negative goodwill arising from the acquisition of MeyGen, which fell to only SGD1.1 million in 2014 and was the primary cause of the widened loss.
Revenue fell to SGD5.3 million in 2014 from SGD6.2 million as a result of there having been no equipment sales in 2014, whilst total expenses, which includes subcontractor costs, depreciation and amortisation, research and development and employee benefit expenses, rose to SGD19.8 million from SGD19.2 million.
Atlantis said expenses increased as its staff numbers doubled in 2014 in support of the construction of the MeyGen project in Scotland.
"Construction is now underway at MeyGen, and it's exciting to see the onshore works begin to take shape. We're on track to deliver our 1.5 megawatt turbine to the project for installation in 2016, and we've contracted industry leader Lockheed Martin as our major delivery partner for this first-in-class machine," said Chief Executive Tim Cornelius.
So far in 2015, the company has announced it has agreed to purchase Marine Current Turbines Ltd from Siemens AG, which when completed will boost the company's UK portfolio by 50%, it said.
"The start of 2015 has been just as notable, culminating in our announcement of the execution of a sale and purchase agreement for the acquisition of Marine Current Turbines from Siemens AG in April. This will bring a host of benefits to both our turbines and projects businesses, and is positive news for consolidation in an industry which continues to mature and grow," said Atlantis.
Atlantis shares were up 1.2% to 41.00 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
ARL.L