Atlantis shrinks interim loss

Atlantis Resources has reported a 27% decrease in loss for the first half of 2017, compared to the same period a year earlier.

Edinburgh-based vertically integrated turbine supplier and tidal energy project owner, Atlantis Resources, has reported the loss of £3.2 million for the six months to June 30, 2017, compared to the loss of £4.4 million recorded for the same period in 2016.

The consolidated group cash position at the end of the period was £6.9 million, including £3.3 million held at MeyGen.

The total equity of Atlantis increased to £67.4 million over the six-month period, from £66.3 million reported in the first half of 2016.

Atlantis’ income for the first six months in 2017 was £3.1 million, which included Horizon 2020 grant funding in support of the company’s ongoing development expenditure.

During the period, MeyGen generated revenue from electricity production of £0.1 million, according to Atlantis. However, in this commissioning phase, the income is netted off against the cost of construction, the company noted.

Tim Cornelius, Chief Executive of Atlantis, said: “The first half of 2017 has been a very positive step forward for Atlantis and its portfolio of projects. The installation of the four turbines at MeyGen earlier this year, was achieved safely and in record time. We are extremely excited to see the final turbine, our AR1500, be reinstalled at MeyGen in the coming weeks and seeing the project complete its transition into full operations.

“MeyGen Phase 1A has already set a number of records, with over 2GWh of generation having been dispatched to grid, generating predictable revenue from ROCs and wholesale power sales from the PPA. This now allows us to consider a re-finance of the project to improve returns and liberate capital for new investment opportunities.”

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