The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
From Meygen Annual Report on Companies House
2022 2021
Revenue £3,901,752 £1,627,642
Operating expense (£7,964,343) (£5,063,892)
EBITDA (£1,328,281) (£1,420,384)
The increase in Operating expenses is disappointing.
Vaguely worded RNS again
From Aug 2022 RNS
"SAE is also pleased to announce, following the novation of the grid connection
agreement to EOS, that it has received an initial £6m payment from UES, which
is in the form of a loan. The loan is interest-free over the period of the
option agreement and will be repaid from the £6m development premium that is
payable on the award of planning. Planning is well progressed with the
planning application for the project having now been submitted. Planning
permission is expected to be awarded in Q4 2022. A further £4m development
premium will be received on financial close of the project and entry to the
lease. The financial close is scheduled for Q1 2023"
Does this mean they have financially closed and are due the £4M premium?
You just need to have a look at companies house under Meygen PLC. Unfortunately latest figures available are for FY21, A year which not much electricity was generated. 2021 Revenue £1.62M, Expenses £5.06M, EBITDA -£1.42M on 4.6GWH generated.
FY22 should be a lot better IMHO as Wholesale prices were up and 8.75GWh was generated. FY23 should get to around 12-15GWh if they could get the fourth turbine in. Although the operating expenses are an unknown!