LONDON (Alliance News) - Alkane Energy PLC Wednesday said its pretax profit increased in 2013 as revenue at the company jumped 40%.
The UK clean technology gas-to-power company said its pretax profit rose by 13% to GBP2.7 million from GBP2.3 million in the previous year as revenues jumped to GBP20.6 million from GBP14.7 million in 2012.
The company said its revenues increased as the company achieved a 15% increase in its energy output to 192 gigawatt hours during the year and expanded all three of its operational sectors - base-load coal mine methane; power response; and design, build and operate.
However, the company also noted that its cost of sales increased 59% to GBP13.7 million from GBP8.6 million, offsetting much of the revenue gains.
Alkane said that post year-end its power response capacity increased 16% to 36 megawatts from 31 megawatts in 2012, and it is on track to reach 50 megawatts of power response capacity by the first half 2015.
The company added that it continues to expect to benefit from a decline of generating capacity and increased risks of power shortages over the coming years in the UK.
Alkane Energy shares were up 1.8% to 42.75 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Alkemy Capital. (ALK)