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LONDON (Alliance News) - SIMEC Atlantis Energy Ltd on Monday said its loss widened in 2017 as it purchased Uskmouth power station in Wales.
The natural resources firm said pretax profit widened in 2017 to GBP11.1 million from GBP7.3 million posted a year earlier, despite a rise in revenue to GBP301,000 from GBP235,000.
The company said it installed four turbines at MeyGen energy project in Scotland and started revenue generation from power sales. To enhance the project development pipeline, the company proposed the purchase of the power station SIMEC Uskmouth Power Ltd in mid-December last year. The GBP123 million acquisition was completed on Friday last week.
Following the transaction, Atlantis Resources Ltd has changed its name to SIMEC Atlantis Energy.
The company booked higher expenses during the year. Subcontractor costs rose to GBP1.4 million from GBP249,000 while depreciation & amortisation fees increased to GBP1.9 million from GBP1.6 million.
Looking ahead, the company said it expects to develop Uskmouth into a sustainably fuelled 220 megawatts power station by the end of 2020, to further boost its power generation business.
"2017 has been the most important year in the company's history." said Chief Executive Tim Cornelius. "Our focus now is on progressing the proposed conversion of the Uskmouth power station."
Separately, the company said that its proposed five-year bond offer through peer-to-peer investment platform Abundance Investment Ltd has been fully subscribed at GBP5.0 million and is now closed.
The bond matures in 2023 and has a coupon in 8.0% which is payable semi-annually.
The offer was launched at the end of January with proceeds expected to go towards progressing and accelerating the development of the best opportunities in the Atlantis project pipeline, including the Uskmouth power station conversion.
"We will continue to assess each acquisition opportunity in the waste to energy and hydro power markets on its merits and will update the market on progress in due course," added Cornelius.
Shares in SIMEC were trading 1.5% lower at 35.22 pence each on Monday.
In addition, SIMEC said Janus Henderson Group PLC last Friday lowered its stake in the company to 5.6%, having previously held 12% interest.
