LONDON (Alliance News) - Aggregated Micro Power Holdings PLC on Thursday said its revenue and profit grew in its most recently ended financial year, helped by strategic investment in Incubex business.
The company, which installs biomass boilers and energy storage facilities, expects to report revenue of GBP42.0 million for the year ended March, ahead of previous guidance. The prior year, it posted a revenue of GBP19.7 million.
Pretax profit is expected to come in at about GBP1.8 million, the company said, having reported a profit of GBP933,480 the year before.
Aggregated Micro Power said it benefited from the significant fair value adjustment on the company's investment in Incubex, where it holds 19% interest. This business designs and promotes financial products in environmental, energy, power and weather markets.
"I am pleased to report an uplift in full year revenues and profits," said Chief Executive Richard Burrell. "We have seen a significant expansion of our operations in 2017 and 2018 and we look forward to further progress across our Biomass Heat business, our Projects business and from our Investments in the new financial year."
The stock was trading 2.0% higher at 102.00 pence per share on Thursday.
