Active Energy annual loss shrinks, as revenue jumps

Green energy supplier Active Energy Group said its pre-tax loss for 2014 narrowed, while its revenue increased sharply on the back of a restructuring of its operations.The London-listed group, which focuses on the supply of wood chips and timber products, said its annual pre-tax loss in the year to 31 December shrank 22.8% year-on-year to $2.7m (£1.8m), while revenue surged from $8.2m to $23.3.Active Energy cited the restructuring of the business, which included relocating its Ukrainian operations to new Black Sea port facilities at Yuzhny and focussing its production resources on high-margin wood chip exports to MDF manufacturers in Turkey as the reasons behind its turnaround in fortunes."That substantial growth in revenues, allied to greatly-improved operating margins, has enabled us to invest in a number of exciting new business initiatives which we are confident will reap rewards long into the future, without raising funds externally," said group chief executive Richard Spinks.Active Energy shares were down 1.69% to 5.80p at 14:05 on Monday.