25th Jun 2024 11:41
(Alliance News) - SIMEC Atlantis Energy Ltd on Tuesday reported significant revenue growth for its latest year, which brought about a return to profitability.
The Edinburgh, Scotland-based company is focused on creating new sustainable energy projects.
Its stock price more than doubled late on Tuesday morning in London, surging to 2.22 pence per share.
In 2023, SIMEC Atlantis swung to a GBP22.8 million pretax profit from a GBP11.1 million pretax loss the previous year.
Revenue multiplied to GBP15.3 million from GBP3.9 million, while subcontractor costs were reduced by 65% to GBP1.9 million from GBP5.4 million.
Current loans and borrowings fell 28% to GBP11.5 million from GBP15.9 million over the period.
Chair Duncan Black commented: "We have the funding and visibility on future revenues we need to be able to deliver our development projects and service our debt. We have a pipeline of projects that would be the envy of many much larger companies".
In recent months the company won approval for a new battery energy system storage project that repurposes the Uskmouth power station in Wales, and also commenced the development of an additional BESS at the site.
Furthermore, the company submitted a planning application for the Mey BESS project near Caithness in Scotland.
By Elijah Dale, Alliance News reporter
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