20 Mar 2018 07:00
Aggregated Micro Power Holdings plc
("AMP", the "AMP Group" or the "Company")
Trading Update
Aggregated Micro Power Holdings plc (AIM: AMPH), a distributed energy company specialising in the sale of wood fuels and the financing and installation of distributed energy projects including biomass boiler ESCOs (Energy Supply Contracts) and stand by power generation, is pleased to announce a positive trading update with respect to the twelve months ending 31 March 2018.
Revenues
The Company has previously issued guidance on AMP Group revenues being in excess of £30m for the twelve months to 31 March 2018. Recent positive trading during this winter season has now caused us to revise this guidance to circa £40m of revenues for the twelve month period. Further guidance will be given when we issue a pre-close trading statement during May 2018.
Fuels Business Restructuring
Following the acquisition of Billington Bioenergy Limited and the customer base and wood pellet assets of CPL Distribution Limited, it is now intended that these will be fully integrated into Forest Fuels on 1 April 2018. There will be some non-recurring costs relating to the re-branding, asset write-offs, some internal management changes and various depot closures which will take effect from 1 April 2018. In accordance with generally accepted accounting principles and practice, we will recognise the integration and restructuring costs as non-recurring items in our year end accounts in respect of the twelve month period to 31 March 2018, where permitted.
Richard Burrell, Chief Executive of Aggregated Micro Power Holdings plc, said:
"I am pleased to report an uplift in our target for full year revenues. Our business continues to grow and the restructuring of our fuels business under the Forest Fuels brand should provide us with a strong platform for future growth in 2018 and beyond."
Contacts
Aggregated Micro Power Holdings plc 020 7382 7800
Neil Eckert, Executive Chairman
Richard Burrell, CEO
Helene Crook, Investor Relations
Haggie Partners 020 7562 4444
Peter Rigby / Brian Norris
finnCap Ltd 020 7220 0500
Ed Frisby / Simon Hicks (Corporate Finance)
Stephen Norcross / Sultan Awan (Corporate Broking)
About Aggregated Micro Power Holdings plc
The AMP Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of wood fuels and in the installation of distributed energy projects. AMP's wholly owned subsidiary Forest Fuels sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP is also active in developing projects for stand-by power generation which aim to balance the transmission grid at times of peak demand.
www.ampplc.co.uk
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.