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(Alliance News) - Mast Energy Developments PLC on Tuesday reported that its annual loss worsened after its 9-megawatt Pyebridge flexible power generation plant ran into technical and market related challenges.
The developer of reserve power generation plants, in which Kibo Energy PLC holds a 55% stake, said its pretax loss widened to GBP3.5 million in 2023 from GP2.7 million in 2022.
Impairment charges surged 44% to GBP1.8 million from GBP1.3 million. Administrative expenses rose slightly 2.2% to GBP941,941 from GBP921,769.
Revenue dropped by around two thirds to GBP341,207 from GBP1.0 million, after the Pyebridge plant was interrupted by technical and market related challenges.
Mast said it managed to secure alternative funding under a loan facility for up to GBP4 million with institutional investor, RiverFort Global Opportunities PLC Ltd. This funding enabled Mast to take Pyebridge out of care and maintenance, with operations at Pyebridge set to re-commence later in 2024.
The company said the Pyebridge site has secured capacity market contracts to ensure minimum gross profit margin income totalling GBP1.1 million until 2028.
Loss per share for the year widened to 1.51 pence from 1.36 pence.
Mast said it continues to conduct due diligence on potential operating sites. It seeks to reach a 300MW portfolio within 36-58 months by acquiring, developing and operating multiple small-scale flexible power generation plants across Britain.
Shares in Mast were up 0.5% to 0.38p each on Tuesday morning in London.
By Artwell Dlamini, Alliance News reporter
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