- Aggregated Micro Power re-affirmed its guidance for the full year after reporting strong out-performance in its Urban Reserve and IncubEx segment but said restructuring of its Wood Fuels business would ramp up costs.

The Wood Fuels business underwent a transformative restructuring during the year as company sought to bring all operations into a single management and brand platform. This would result in significant non-recurring costs from depot closures, office relocations, redundancies and stock revaluations, the company said.

As a consequence, the Group is expected to generate revenues and income of £50m and a statutory earnings (EBITDA) loss in the region of £1.3m.

Development fee receipts should be ahead of expectations due to the 'strong progress made in developing flexible generation sites for Urban Reserve,' the company said.

As at 31 March 2019, the company had submitted planning applications for 13 sites amounting to 49.7 MWs. So far, ten sites (37.5 MWs) received planning approval and the remaining three sites were expected to be decided upon shortly.

Aggregated Micro Power said IncubEx, in which the company holds a 29% stake, reported results in the last calendar year showing gross revenues of over €12m, significantly ahead of forecast.

At 9:14am: [LON:AMPH] Aggregated Micro Power Holdings Plc share price was -9.5p at 73p

Story provided by