Business
Interim Results (unaudited)
Interim Results (unaudited).
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 5156A\n SIMEC Atlantis Energy Limited\n 30 September 2020\n \n \n \n \n INTERIM RESULTS (UNAUDITED)\n \n \n 30 September 2020\n \n \n \n SIMEC ATLANTIS ENERGY LIMITED\n \n \n \n (\"Atlantis\", the \"Company\" or the \"Group\")\n \n Interim Results (unaudited)\n \n \n \n \n \n \n SIMEC Atlantis Energy Limited, the global developer, owner and operator of sustainable energy projects is pleased to announce its unaudited Interim Results for the six months ended 30 June 2020.\n \n \n \n \n \n Trading Statement \n \n \n \n \n \n The first six months of 2020 have seen significant global economic and social challenges as a result of the COVID-19 pandemic. Despite these challenges, we have maintained a high level of activity across each of our business units and we continue to see encouraging progress on all key projects notwithstanding all of the logistical and workplace challenges COVID-19 social distancing restrictions present. In particular, we note the major technical, planning and commercial milestones that have been achieved recently on the Uskmouth power station conversion project in Wales, our recent entry into the NPA Fuels joint venture with the N+P Group, the performance from the MeyGen project in Scotland and the recent over-subscribed equity placement in August 2020.\n \n \n \n \n \n Financial summary\n \n \n \n \n \n The overall loss before tax of £6.1 million for the six months ended 30 June 2020 was almost half of the loss of £11.8 million reported for the same period in 2019. This improvement is largely attributable to strong revenue contributions generated by the Atlantis tidal turbine and engineering services division, together with good performance from the MeyGen project in Scotland. Six months of revenue contributions from GHR added to the improved performance relative to 2019. Overall, costs were in line with expectations with significant contractors' costs being incurred in delivery of the subsea hub project and the AR500 turbine for Japan, as well as the ongoing Uskmouth operational costs.\n \n \n \n \n \n Depreciation, as expected, has remained stable and is being driven by Uskmouth and MeyGen.\n \n \n \n \n \n Finance costs in the current period are materially in line with the same period last year and also included five months...