Press Releases 2009
Preliminary Results for the year ended 31 December 2008 (Audited)
- Details
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Published: Tuesday, 30 June 2009 01:00
30th June 2009
Highlights
- Guaracachi - record results in local Bolivian accounting terms and excellent progress on conversion of 96MW "CCGT" capacity
- EdS - 60MW of new capacity now in operation
- Group turnover increased by 29 % to £29.1m (2007: £22.6m)
- Operating loss of £0.2m (2007: profit £2.3m) and loss after tax of £4.2m (2007: loss £0.4m) affected by increased fuel expense in Guaracachi, consolidation of 100% of EdS before new and more efficient capacity has been brought into use, and higher interest charges
- Decision on dividend proposal delayed until 3rd quarter of 2009
Post year end highlights
- Raised £7.3m from issue of new equity
- Sale of 50% of EdS to reduce Group borrowings
- Estimated pro-forma Net Asset Value per share of 29p, based on equity shareholders' funds at 31 December 2008 (£52m) adjusted by 119.6m shares issued after the year-end in respect of capital raising and loan capitalisation conducted at 8p per share.
Jimmy West, Chairman, said: "2008 has seen significant progress despite the difficult economic conditions. The additional capacity which will be brought on-line in 2009 should see a marked improvement in results and the addition of expected income from CERs in 2010 should see the Group begin to generate positive cashflow and increasing dividends for shareholders"
For further information please contact:
Peter Earl, CEO, Rurelec PLC 020 7793 5610
Paul Shackleton, Daniel Stewart & Company Plc 020 7776 6550
Ana Ribeiro, Farm Street Media 020 7851 7480
In accordance with the AIM Rules, copies of the results are also available on the Company's website, www.rurelec.com
Download pdf of full RNS announcement
