StockMarketWire.com - Alternative energy company Simec Atlantis Energy said its annual losses more than doubled after it continued to invest in its tidal power and waste-derived pellet projects.

Pre-tax losses for the year through December amounted to £24.2m, compared to losses of £11.1m on-year.

Revenue rose to £2.2m, up from £0.3m.

'In many ways, 2018 was a breakthrough year for Simec Atlantis,' chief executive Tim Cornelius said.

'In April, Phase 1A of our flagship MeyGen tidal energy project entered its fully operational phase helping us to grow revenues,' he said.

'Our ambition is to grow quickly to become the leading independent generator of sustainable energy in the UK and we are making significant steps towards achieving that goal.

'We have commenced work on the world's first conversion of a coal power station to 100 per cent waste derived fuel at Uskmouth; and we are expanding MeyGen with Phase 1B through the installation of two additional turbines.'

'Our sustainable energy projects are not just good business, they are making a meaningful contribution towards tackling some of the biggest issues facing society today: climate change and the war on plastics.'


At 8:11am: [LON:SAE] Simec Atlantis Energy Limited Ord Npv Di share price was -0.25p at 17p



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