- Power generation group Rurelec swung to a first-half profit after it benefited from favorable foreign exchange movements.

Pre-tax profit for the six months through June amounted to £0.68m, compared to an on-year loss of £0.45m.

Rurelec said further cash generation had enabled a significant reduction in liabilities, including a halving of trade payables to £0.38m.

Executive directors Simon Morris and Andy Coveney said the company continued to pursue measures to restore value.

These included prioritisation of receiving cash receipts from a power plant in Argentina, selling or developing assets in Chile and reviewing options for turbine assets, whilst looking for opportunities to reduce costs.

At 9:37am: [LON:RUR] Rurelec PLC share price was +0.13p at 1.23p

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