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Aggregated Micro Power ahead of target as wood fuels business builds

Forest Fuels now supplies over 100,000 tonnes of wood chip and wood pellet annually
picture of logs
Keeping the home log burner fires burning

Wood fuels group Aggregated Micro Power Holdings plc (LON:AMPH) will post revenues ahead of its £15mln target for the year just ended.

Richard Burrell, AMPH’s chief executive, said:  "The acquisition of three fuels businesses, which will see further turnover growth next year reflecting a full year's trading, has made for a transformational year at AMP.

“At the same time, AMPIL funds under management have grown to £36m comprising operational boilers, in-development peaking plant assets and other biomass assets on long term contracts.

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AMP has two arms, the Forest Fuels wood chip business, and its project development business that use third party infrastructure vehicles AMPIL and AMPIL2 to fund new boiler projects.

Forest Fuels now supplies over 100,000 tonnes of wood chip and wood pellet annually to 2,200 active customers said AMPH, while the project business arranged financing over the past year for 48 boilers and one heat pump with a gross development value of £7.6mln.

These were financed by its AMPIL and AMPIL2 vehicles while a 3MW peaking plant was financed by AMPIL2.

Underlying earnings also now cover the interest payments on its £10m of Convertible Notes, the company said.

“AMP has a growing pipeline of new project developments which should continue to generate upfront development fees as well as deferred development fees in subsequent years and hence we look forward to the future with confidence," added Burrell.

After the year-end, AMPH also made an investment of US$778,718 into IncubEx, a newly formed finance company focused on commodities. Several of AMPH’s director have also invested personally in IncubEx. 

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Aggregated Micro Power Holdings plc Timeline

Newswire
January 19 2017

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