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Atlantis suffers £7.3m loss

Tidal developer’s revenues fall to £235,000

Atlantis suffers £7.3m loss image

Scottish tidal player Atlantis Resources made a loss of £7.26m in calendar year 2016.

The Edinburgh company had reported £2.02m pre-tax profit the prior year, which included a one-off £9.2m gain arising from the acquisition of Marine Current Turbines and the disposal of 50% of its stake in Atlantis Operations Canada Limited of £0.9m.

Revenue fell to £235,000 from £1.375m, largely as a as a result of the completion of the final design phase of Atlantis’ contract with Energy Technologies Institute. Total expenses tallied £9.1m, a reduction on the prior year of £2.9m.

Atlantis said it held £10.2m in cash at the year end, including £8.6m held at MeyGen Limited.

The company meanwhile confirmed European funding for its MeyGen tidal project in the Pentland Firth will be unaffected by the UK’s Brexit decision.

MeyGen Phase 1B, also known at Project Stroma, has received €37.3m of EU backing.

“This preserves our opportunity to use this project to demonstrate the cost reducing innovations which are essential to allow tidal power to compete against longer established technologies,” said Atlantis chief executive Tim Cornelius.

Atlantis is exploring tidal opportunities in France, he added.

“The recent announcement of the intention of the French government to launch commercial tenders for tidal power development in Normandy and Brittany provides us with the opportunity to further geographically diversify our development pipeline in the near future.”

Image: AR1500 at MeyGen 1A (Atlantis)

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