10 Mar 2017 10:23
10 March 2017
Green & Smart Holdings plc
("GSH" or the "Company" and together with its subsidiaries the "Group")
Notice of Final Results and Update on Trading
Green & Smart Holdings plc, a renewable energy company generating power from biogas captured through the treatment of palm oil mill effluent (POME) in Malaysia, expects to announce its final results for the twelve months ended 30 September 2016 during the week commencing 27 March 2017.
The Group is pleased to announce that based on unaudited figures it expects to report significant profitable growth from the previous year with full year revenues and profit before tax broadly in line with market expectations.
Since its last update, the Group has continued to make progress with the development of its pipeline of wholly-owned and associated projects. Good progress has been made with the initial operation certificate (IOD) received and revenue is currently being earned from power sales in respect of its Kahang project. The receipt of the formal commercial operation certificate (COD) from the authorities has however been delayed and is now expected during the first half of the 2017 calendar year, which allows for power to be sold to the national utility at the full tariff rate. The Group now also expects to receive IOD for its completed Malpom project in the first half of the 2017 calendar year.
In addition, the expected completion of the Group's wholly owned plants at Minyak and Liziz has been delayed but is still expected during the first half of the 2017 calendar year, in particular reflecting the expansion of Palm Oil Mill Effluent capture facilities due to an increase in the palm oil production volume at these mills. While this will not increase the capacity of energy that can be sold via the energy grid from these projects under the preferential tariff, it will allow for captive energy use at the biogas plants which will reduce the respective plants' operations & maintenance costs.
Looking ahead into 2017, the Group's various projects are progressing well and the Group will be providing a full update on the development and financing progress of its various wholly owned and associated projects in its full year results announcement. The Company will also be publishing a notice of its inaugural annual general meeting at that time with such general meeting due to be held in the second half of April 2017.
Enquiries:
Green & Smart Holdings plc | |
Saravanan Rasaratnam | +44 20 7618 9100 |
SP Angel Corporate Finance LLP | |
Robert Wooldridge, Stuart Gledhill | +44 20 3470 0470 |
Luther Pendragon Ltd | |
Harry Chathli, Claire Norbury, Alexis Gore | +44 20 7618 9100 |