Business
Annual Financial Report and Notice of AGM
Annual Financial Report and Notice of AGM.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n\n26 July 2023\n\n \nSIMEC Atlantis Energy Limited\n(\"SAE Renewables\", \"SAE\" or the \"Company\")\n \n \nFinal results for the year ended 31 December 2022 and notice of the AGM\n \n \nSAE announces its final results for the year ended 31 December 2022. A complete version of the 2022 Annual Report and Accounts (\"2022 Annual Report\") can be found here: http://www.rns-pdf.londonstockexchange.com/rns/1658H_1-2023-7-25.pdf\n \nThe 2022 Annual Report, a notice of Annual General Meeting (\"AGM\") and a Proxy Form, have been posted to shareholders, and copies are available on the Company's website at www.saerenewables.com\n \nThe Company's shares were temporarily suspended from trading on AIM on 3 July 2023, as the Company was not able to publish and post the 2022 Annual Report by 30 June 2023. As a result of this announcement, restoration to trading of the Company's shares is expected to take effect at 7:30am this morning.\n \nThe AGM will be held at the offices of Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London, E1 6PW at 11:00am on 11 August 2023.\n \nFinancial Highlights\n \n· Group losses for the year fell to £11.1 million (2021: £74.1 million). The improvement in results was driven by a £5.0 million reduction in operating expenses coupled with a £2.0 million improvement in the Uskmouth sustainable energy park valuation compared to the recognition of £53.1 million of non-cash impairment provisions in 2021, and a reduction of £7.4 million in depreciation and amortisation expenses. The Group also recognised a £2.4 million loss on sale of the Advanced Tidal and Engineering services division.\n \n· Group revenue fell from £9.3 million in 2021 to £8.5 million in 2022. This reflected the completion of the Japanese consulting contract in 2021 and the impact of the sale of Green Highland Renewables in 2021 offset by an improvement in the performance of MeyGen and income from the sale of metals and consumables at the Uskmouth power station.\n \n· Power sales from the MeyGen tidal power project were £3.9 million, a rise of £2.3 million from 2021 reflecting the successful deployment of two turbines in March and September 2022.\n \n· ...