Press Releases 2009
- Details
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"
Read more: Preliminary Results for the year ended 31 December 2008 (Audited)
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