SIMEC Atlantis Energy Ltd - Edinburgh-based tidal and hydro energy producer - Revenue for six months to end of June 30 GBP5.2 million, down from GBP7.9 million a year ago. Pretax loss widens to GBP10.7 million from GBP6.2 million. Behind the wider loss, "there was reduced revenue performance from the MeyGen project as a result of significant outages in three of its four turbines, which necessitated retrieval for onshore repair. 2021 results for the tidal turbine and engineering services division have seen a drop off following a very strong 2020, which benefitted from revenues on the phase 1 Japanese tidal project."
Separately unveils plans for share placing to raise GBP2.5 million priced at 2.5 pence per share. Placing price represents 48% discount to Tuesday's closing price.
Net proceeds will be used to fund working capital and "the delivery of its 'first-of-a-kind' and world leading projects".
Adds that Jay Hambro has resigned as SIMEC representative on the SIMEC Atlantis Energy board.
Current stock price: 4.85p
Year-to-date change: down 77%
By Lucy Heming;Â lucyheming@alliancenews.com
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Simec Atlantis (SAE)