2nd Jun 2014 10:02
LONDON (Alliance News) - Atlantis Resources Ltd Monday said it narrowed its losses on a negative goodwill payment and increased revenues on the sale of equipment during 2013.
The recently-listed turbine supplier and project developer in the tidal power industry said it narrowed its pretax loss to USD9.7 million in 2013, compared with a loss of USD15.0 million in 2013.
Atlantis Resources said it managed to narrow its losses on the back of a negative goodwill to income from an independent valuation of MeyGen, although it said the income gain was partially offset by additional interest expense on loans resulting from conversion and fair value adjustments.
Revenues in the year rose to USD6.2 million, up from USD3.0 million a year earlier, which it said was boosted by the sale of equipment to CECEP Ocean Energy for its demonstration project in China, and from the provision of consulting services.
Since year-end the group said it had been awarded EUR7.7 million for the development of a multi-turbine array at the MeyGen site in Scotland.
"We have made significant progress since February in finalising the construction and supply contracts for MeyGen, and in reaching agreement with the project funding syndicate in readiness for financial close and the commencement of construction for Phase 1A in the second half of 2014," said Chief Executive Tim Cornelius in a statement.
Shares in Atlantis Resources were up 0.5% at 67.30 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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