Simec Atlantis losses mount
Tidal developer posts full-year £10.6m deficit after tax in 2017
Newly renamed tidal developer Simec Atlantis has posted a post-tax loss of £10.6m, compared to £7.3m in the previous year.
The Scottish outfit said the losses include one-off costs relating to the acquisition of the Uskmouth power plant and the write-down of the loan due from its Canadian joint venture as a result of its exit.
Operating expenses rose to £12.8m from £9.1m in the prior year.
The company’s revenues rose to £3.3m from £3.1m including grant income and £300,000 from power sales via its 6MW MeyGen Phase 1A tidal array in the Pentland Firth.
Simec Atlantis meanwhile said its latest five-year bond offered through Abundance Investment is fully subscribed at £5m and is now closed.
“Our focus now is on progressing the proposed conversion of the Uskmouth power station,” said Simec Atlantis chief executive Tim Cornelius.
“We will continue to assess each acquisition opportunity in the waste-to-energy and hydro power markets on its merits and will update the market on progress in due course.”
Image: AR1500 at MeyGen 1A (Atlantis)