30th Jan 2019 11:07
LONDON (Alliance News) - Plutus PowerGen PLC on Wednesday reported a narrowed loss in the first half of its current financial year, supported by a cost reduction plan.
The AIM-listed power company's loss narrowed to GBP131,573 in the six months to the end of October 2018 from GBP392,489 reported for the same period a year earlier.
Meanwhile, revenue remained flat year-on-year at GBP675,000.
Plutus remained focused on building a portfolio of FlexGen and gas peaker sites across the UK, it said.
The company has six 20 megawatt FlexGen sites and is currently developing two 20 megawatt sites, both of which look "very promising" and are entering planning imminently, it said.
"The company had a robust first half and whilst revenues were flat, the board's efforts to reduce costs successfully resulted in reduced operating losses," said Executive Chair Charles Tatnall.
"We therefore look forward to the future with confidence," added Tatnall.
Plutus shares were untraded on Wednesday, last closing at 0.51 pence each.