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Simec Atlantis Energy losses narrow as revenue jumps

By BFN News | 09:45 AM | Wednesday 30 September, 2020

Alternative energy developer Simec Atlantis Energy narrowed its first-half loss after it generated more revenue from its tidal turbine and engineering business. Pre-tax losses for the six months through June amounted to £6.2 million, compared to losses of £12.4 million year-on-year. Revenue rose to £7.9 million, up from £2.0 million. 'The first six months of 2020 have seen significant global economic and social challenges as a result of the Covid-19 pandemic,' the company said. 'Despite these challenges, we have maintained a high level of activity across each of our business units and we continue to see encouraging progress on all key projects notwithstanding all of the logistical and workplace challenges Covid-19 social distancing restrictions present.' 'In particular, we note the major technical, planning and commercial milestones that have been achieved recently on the Uskmouth power station conversion project in Wales, our recent entry into the NPA Fuels joint venture with the N+P Group, the performance from the MeyGen project in Scotland and the recent over-subscribed equity placement in August 2020.' At 9:45am: (LON:SAE) Simec Atlantis Energy Limited Ord Npv Di share price was +0.3p at 23.3p Story provided by

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