(Alliance News) - Renewable fuels provider Aggregated Micro Power Holdings PLC on Tuesday reported a full-year revenue increase but a widened loss on rising expenses.
In the financial year ended March 31, Aggregated Micro posted 15% year-on-year revenue growth to GBP49.5 million from GBP43.1 million. Pretax loss widened to GBP5.7 million from GBP2.7 million the year before.
Total administrative expenses jumped by 20% to GBP15.9 million from GBP13.3 million, Aggregated Micro said.
The company said it was a "year of contrasts" with its Wood Fuels segment having a disappointing 12 months but its project development division performed more positively.
Wood Fuels delivered an 8.9% year-on-year revenue rise to GBP43.6 million from GBP40.0 million, but the division's performance was hampered by "restructuring, warm weather, rising fibre prices, adverse foreign exchange movements and loss making fixed price customer contracts".
In the Project Development division, revenue increased by 90% to GBP6.0 million from GBP3.2 million, helped by "very strong progress" in its Urban Reserve electricity generation projects. In May, the company raised GBP15.1 million to finance the initial tranche of future Urban Reserve projects.
Although its HQ & Investments operations did not generate revenue during the year, Aggregated Micro said there was "continued significant value" in its 29% stake in environmental product development firm IncubEx LLC.
Chief Executive Richard Burrell said: "Aggregated Micro 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.
"Aggregated Micro 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."
Shares in Aggregated Micro were untraded in London on Tuesday morning, last quoted at 75.00 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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