Sustainable energy company Simec Atlantis Energy seeks to regain momentum after mounting losses

The Edinburgh-based company said its overall losses for the year were £74.1m, up from £19.4m in 2020. The jump was attributed to recognition of losses value such as £32m linked to Uskmouth Power Station after the decision in April this year not to proceed with the conversion of the site. Atlantis, quoted by Aim, added that the group’s total equity at December 31 was £16.7m, down from £81.8m.

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His MeyGen project, for which he secured funding earlier this year to get back on track, generated £1.6million in revenue from the sale of electricity certificates and renewable bonds. Landmarks since the end of the year include the company which received consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of principal repayments due this week for a year.

Chairman Duncan Black said the last 12 months have been “very challenging”, but have also included key progress. “I believe we are ending the period with a clear way forward for the group, a significantly streamlined business and a number of exciting projects in development that will deliver shareholder value,” he added.

Chief Executive Graham Reid said: “2021 has seen the business make some difficult but important decisions. While these have had short-term impacts on the business and our financial statements, I am confident that these are the right decisions, which will ultimately bring value to shareholders in the medium and long term.”

CEO Graham Reid said the company made “difficult but important” decisions in 2021 that he said will “ultimately deliver shareholder value over the medium to long term.” Photo: contribution.