Shares in Simec Atlantis Energy witnessed a remarkable surge of 72% on Wednesday, following the company’s announcement of a reduction in group losses in the year 2022. Additionally, the trading of its shares resumed after the publication of the latest results.
At 0739 GMT, shares were trading at 1.55 pence, marking an increase of 0.65 pence.
Simec Atlantis Energy, a prominent energy-generation project developer, reported a decline in group losses from GBP74.1 million in 2021 to GBP11.0 million in 2022. This improvement was primarily driven by a reduction of GBP5.0 million in operating expenses and a positive valuation adjustment of GBP2.0 million for its Welsh Uskmouth sustainable energy park. The company had experienced a non-cash impairment of GBP53.1 million in the previous year.
Furthermore, the revenue for the company decreased from GBP9.3 million to GBP8.5 million, attributable to the completion of a Japanese consulting contract in the prior year and the disposal of Green Highland Renewable.
It is important to note that trading of Simec Atlantis Energy shares on AIM had been temporarily suspended on July 3 due to the delay in publishing the 2022 report by June 30.
For more information, please contact Christian Moess Laursen.
