Business
Final results
Final results.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n\n25 June 2024\n\n \nSIMEC Atlantis Energy Limited\n(\"SAE Renewables\", \"SAE\" or the \"Company\")\n \nFinal results for the year ended 31 December 2023 and notice of AGM\n \nSAE announces its audited final results for the year ended 31 December 2023. A complete version of the 2023 Annual Report and Accounts (\"2023 Annual Report\") can be found here: http://www.rns-pdf.londonstockexchange.com/rns/6507T_1-2024-6-24.pdf\n \nThe 2023 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 AGM will be held at the offices of Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London, E1 6PW at 11.00 a.m. on Thursday 18 July 2024.\n \nThe 2023 results reflect a transformational year for the business. SAE has delivered significant progress in the last 12 months against its targets and established a firm foundation to deliver an exciting pipeline of sustainable energy projects and move into becoming an owner and operator of these projects, ensuring long-term value for our shareholders. Our strategy directly supports UK government policy to improve energy security and achieve Net Zero by 2050.\n \n2023 Financial Highlights include:\n \n· The Group reported a profit of £23.2m, compared with a 2022 loss of £11.1m.\n· Increase of 292% in Group revenue to £15.3m (2022: £3.9m).\n· Revenues available to the Group, which excludes ring-fenced revenue earned by the MeyGen tidal array, rose to £10.7 million (2022: £nil) . The sale, at Uskmouth, of a ready-to-build 230MW BESS project with a grid connection for £10.0 million accounted for the majority of 2023 revenues, with the balance of £0.7 million being rental income from the Uskmouth site.\n· Net Assets increased 678% to £44.2m (2022: £5.7m). The major increase in the valuation of the Group arises from the reassessment of the value and size of our battery storage projects.\n· Increase in EBITDA to £8.3m (2022: EBITDA loss of £5.8m).\n· Reduction of 30% in SAE's Group debt, excluding MeyGen debt, to £13.7m (2022: £19....