SIMEC Atlantis Energy Ltd continues to see high level of activity across all business units
The tidal, hydropower and power station conversion projects have delivered exceptional performances under challenging conditions, according to chief executive Tim Cornelius.
The renewable energy pioneer said in its interim results statement that it continues to see encouraging progress on all its key projects notwithstanding the operational challenges presented by COVID-19 social distancing restrictions.
At the Uskmouth power station conversion project, SIMEC has recently achieved major technical, planning and commercial milestones.
“We have continued to make material progress on our important portfolio of projects, where we connect carbon cutting projects with industries looking to ensure that they can reduce their carbon intensity and be at the forefront of the green agenda,” said Tim Cornelius, chief executive.
“Each of our business units, being tidal energy, hydropower and power station conversions, have delivered exceptional performance under challenging conditions.”
Strong revenue contributions from the MeyGen tidal power project, offshore Scotland, helped the growth-focussed company narrow losses significantly.
It reported a £6.2mln loss for the six month period, almost half the £11.8mln reported in the same period of 2019. Revenues for the period totalled £7.93mln.
Costs were described as in line with expectations, given the significant contractor costs incurred in the delivery of the subsea hub project and the AR500 turbine for Japan. Expenses tallied £12.3mln, including £2.25mln of subcontractor costs and £5.3mln of depreciation and amortisation.
The company ended June with £9.8mln of cash.
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