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Aggregated Micro Power's loss widens as restructuring costs weigh
1st Oct 2019 09:22
(Sharecast News) - Aggregated Micro Power (AMP) on Tuesday reported a deepened annual loss as an increase in administrative expenses more than offset revenue growth.
The distributed heat, power and renewable fuels provider booked a loss before tax of £5.7m for the year ended 31 March, down from a loss of £2.7m during the prior year, as administrative expenses rose by 34% to £14.9m.
These higher costs relate to depot closures, office relocations, redundancies and stock revaluations as the company said it underwent a transformative restructuring to bring all operations into a single management and brand platform.
Revenue was 15% higher at £49.5m after a disappointing twelve months in wood fuels was countered by strong out-performance in project development and continued progress from IncubEx, in which the AIM traded company holds a 29.08% investment.
Project development revenues increased by 88% to £6.0m and AMP increased its targets for its Urban Reserve brand, which operates under the project development business, as it said it had created a market-leading position.
Richard Burrell, chief executive of AMP, said: "AMP has created a diversified business aligned to finding solutions to address the pending climate crisis. The use of distributed energy assets for heat and power, methods of managing intermittency in power supply and the increased role of global trading platforms in environmental markets will be critical to this climate agenda.
"AMP has laid down foundations in each of these areas and we are especially delighted with the progress in Urban Reserve and the strong performance in IncubEx."
Aggregated Micro Power's shares were up 2.74% at 75.00p at 1024 BST.
The distributed heat, power and renewable fuels provider booked a loss before tax of £5.7m for the year ended 31 March, down from a loss of £2.7m during the prior year, as administrative expenses rose by 34% to £14.9m.
These higher costs relate to depot closures, office relocations, redundancies and stock revaluations as the company said it underwent a transformative restructuring to bring all operations into a single management and brand platform.
Revenue was 15% higher at £49.5m after a disappointing twelve months in wood fuels was countered by strong out-performance in project development and continued progress from IncubEx, in which the AIM traded company holds a 29.08% investment.
Project development revenues increased by 88% to £6.0m and AMP increased its targets for its Urban Reserve brand, which operates under the project development business, as it said it had created a market-leading position.
Richard Burrell, chief executive of AMP, said: "AMP has created a diversified business aligned to finding solutions to address the pending climate crisis. The use of distributed energy assets for heat and power, methods of managing intermittency in power supply and the increased role of global trading platforms in environmental markets will be critical to this climate agenda.
"AMP has laid down foundations in each of these areas and we are especially delighted with the progress in Urban Reserve and the strong performance in IncubEx."
Aggregated Micro Power's shares were up 2.74% at 75.00p at 1024 BST.