24th Sep 2014 09:12
LONDON (Alliance News) - Camco Clean Energy PLC Wednesday said it is continuing to focus on controlling costs and expects a stronger second half due to increased seasonal demand in the US and higher margin activity in Africa.
Camco, the clean energy and energy storage company, narrowed its pretax loss to EUR1.1 million in the first half of 2014 from EUR2.7 million in the same period of 2013.
"We will continue to focus on a tight control of costs so that the growth we anticipate from our core businesses flows through to results for the benefit of all shareholders," said Chief Executive Scott McGregor.
Administrative expenses totalled EUR3.4 million in the first six months of 2014, compared to EUR4.8 million in the first half of 2013.
Camco reported revenue of EUR4.8 million in the six months ended June 30 from EUR5.1 million in the comparable period in 2013.
It has seen an increase in income from US activities, but a reduction from its activities in Africa, it said.
"We were extremely pleased with the operation of the Twin Falls Facility", said Camco. The Twin Fall Facility is based in the US, alongside its Jerome facility, which are both clean energy projects.
"As with 2013, we do continue to expect to see seasonality in the revenue from power generated from the Jerome facility with the second half of the year benefiting from the higher prices set out in the power purchase agreement. We also anticipate this being the case with the Twin Falls Facility," said Camco.
Camco has refocused its clean energy consulting operation in Africa towards higher-margin activity and expects the benefits to come through in the second half of 2014, it said.
At 30 June 2014, the group had cash and cash equivalents of EUR3 million.
"This has been a period of considerable transformation for Camco. Our commercial developments in 2014 have so far exceeded the upper end of our expectations and our three business units have very exciting prospects," said Camco.
Camco saw its shares rise 5.9% to 4.50 pence per share Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CCE.L