Proactiveinvestors United Kingdom Aggregated Micro Power Holdings PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Aggregated Micro Power Holdings PLC RSS feed en Tue, 25 Jun 2019 23:26:28 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Aggregated Micro Power brightens as off-balance sheet vehicle raises £15.1mln ]]> https://www.proactiveinvestors.co.uk/companies/news/219946/aggregated-micro-power-brightens-as-off-balance-sheet-vehicle-raises-151mln-219946.html Aggregated Micro Power Holdings PLC (LON:AMPH) shares brightened on Thursday after its off balance sheet vehicle, Aggregated Micro Power Infrastructure 2 PLC (AMPIL), raised £15.1mln in the form of 8% loan notes.

The clean energy specialist said the total notes in issue amounted to £67mln, with the additional funds allowing AMPIL to diversify and grow its clean energy portfolio while AMPH would generate development fees from its projects pipeline.

READ: Aggregated Micro Power hit by mild winter

Richard Burrell, AMPH’s chief executive, said the fundraise was “another milestone” for the company and the funding would underpin progress in its projects division, which had been performing “ahead of expectations”.

He added that AMPIL was now reaching “institutional scale” which was “very positive” for future fundraisings.

In mid-morning trading, shares were up 1.4% at 74p.

--Adds share price--

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Thu, 09 May 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219946/aggregated-micro-power-brightens-as-off-balance-sheet-vehicle-raises-151mln-219946.html
<![CDATA[RNS press release - Funding for Off Balance Sheet Vehicle ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190509070006_14067362/ Thu, 09 May 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190509070006_14067362/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190411171936_14038367/ Thu, 11 Apr 2019 17:19:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190411171936_14038367/ <![CDATA[News - Aggregated Micro Power hit by mild winter ]]> https://www.proactiveinvestors.co.uk/companies/news/218406/aggregated-micro-power-hit-by-mild-winter-218406.html Aggregated Micro Power Holdings PLC (LON:AMPH) believes it now has a firm grip on its wood fuels business after a difficult year for the division.

In an update on the year to the end of March, the clean energy specialist said its Urban Reserve and IncubEx units both performed above expectations but conceded that the wood fuels business had not burned as brightly as hoped, partly because of the mild weather in February and March.

READ: Aggregated Micro Power posts sharp rise in first-half revenue

On the plus side, management expects the wood fuels business to achieve satisfactory levels of profitability henceforth following a transformational restructuring.

The company advised that bringing all operations of the wood fuels division into a single management and brand platform will result in significant non-recurring costs from depot closures, office relocations, redundancies and stock re-evaluations, as a result of which the group reckons the underlying loss (EBITDA) for the year just ended will be in the region of £1.3mln, on revenue of £50mln.

Revenue and EBITDA expectations in respect of the year to 31 March 2020 have been left unchanged.

Development fee receipts from building urban flexible generation plants should be ahead of expectations due to the strong progress made in developing flexible generation sites for its Urban Reserve division.

As at 31 March 2019, the company had submitted planning applications for 13 sites amounting to 49.7 megawatts (Mw) of generation capacity; so far, ten sites (37.5 Mw) have received planning approval and the remaining three sites are expected to be decided upon shortly. In aggregate, this will provide a shovel ready portfolio of circa 50 Mw, putting the company halfway to achieving its revised short-to-medium term target of cranking out 100 Mw a year.

If that 100 Mw target is achieved, Urban Reserve should generate development fees of £5mln a year.

As for IncubEx, in which the company has a 29% stake, the firm generated revenues of more than €12mln in 2018, which was significantly ahead of expectations.

"After a difficult year in Wood Fuels, we truly believe we have a firm grasp on this business and expect it to achieve satisfactory levels of profitability going forward. We are delighted with the out-performance in both Urban Reserve and Incubex," said Richard Burrell, the chief executive officer of Aggregated Micro Power.

House broker ups target price

In a note to clients, analysts at the company’s house broker finnCap upped their target price to 156p from 135p, saying the “positive effect” of its Urban Reserve arm outweighed the weaker-than-expected performance for wood fuels, although it added that in the short term the shares would reflect today’s news and “need to see some profit delivery coming through”.

In lunchtime trading on Thursday, AMPH's shares were down 11.5% at 73p.

-- Adds broker change and share price --

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Thu, 11 Apr 2019 09:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218406/aggregated-micro-power-hit-by-mild-winter-218406.html
<![CDATA[RNS press release - Year End Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190411070007_14036846/ Thu, 11 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190411070007_14036846/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190312155815_13999556/ Tue, 12 Mar 2019 15:58:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190312155815_13999556/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190110070007_13929669/ Thu, 10 Jan 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20190110070007_13929669/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181217163922_13906763/ Mon, 17 Dec 2018 16:39:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181217163922_13906763/ <![CDATA[News - Aggregated Micro Power posts sharp rise in first-half revenue ]]> https://www.proactiveinvestors.co.uk/companies/news/211134/aggregated-micro-power-posts-sharp-rise-in-first-half-revenue-211134.html Renewable fuels provider Aggregated Micro Power Holdings PLC (LON:AMPH) has posted a sharp rise in first-half sales and gross profits.

Still, AMP delivered over 80,000 tonnes of wood pellet and wood chip to nearly four million customers during the period. It also provided service and maintenance to around 900 biomass boilers.

READ: Aggregated Micro to raise £8.5mln

For the six months ended 30 September, group revenue rose 55% to £17.4mln (H1 17: £11.2mln), while gross profit increased by 22% to £3.3mln (H1 17: £2.7mln).

Loss after tax rose to £3.5mln (H1 17: £2.4mln). Net assets at the end of the period totalled £14.4mln (H1 17: £18.1mln).

“Group revenues have grown significantly year on year and our balance sheet has been simplified and strengthened by the recent equity fund raise and the conversion of loan notes into equity,” said chief executive Richard Burrell.

“With our growing pipeline of Urban Reserve projects, the strength of our position in the wood fuels market and with the winter heating season now upon us, we look forward to the remainder of the financial year with confidence.”

The first half tends to be quieter for the AIM company, with the heating season at its busiest over the winter months.

On top of that seasonal boon, AMP’s project development business expects to reach financial close on a number of projects during the second half.

Company on track to exceed £50mln revenue

In a note to clients, analysts at ‘house’ broker finnCap said: “Interim results confirm a step up in activity, with losses reflecting the usual summer seasonality in Wood Fuels as well as a lower level of completions in the company’s Project Development business. Winter trading combined with a streamlined operating brand will see a stronger H2 in Wood Fuels, and a stronger pipeline of completions in H2 is also expected in Developments.”

They added: “As such, trading is on track to exceed £50mln of revenue. Following the £8.5mln placing and conversion of CLNs, the balance sheet has been simplified and strengthened, with a year-end net cash forecast of £4.7mln”.

finnCap repeated a 135p target price on the stock, with AMP shares currently trading at 102.50p, steady on Wednesday’s closing price.

 -- Adds analyst comment, share price --

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Thu, 13 Dec 2018 08:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211134/aggregated-micro-power-posts-sharp-rise-in-first-half-revenue-211134.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181213070002_13901808/ Thu, 13 Dec 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181213070002_13901808/ <![CDATA[RNS press release - Result of Call of Convertible Loan Notes ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181211070011_13898686/ Tue, 11 Dec 2018 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181211070011_13898686/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181120070024_13872759/ Tue, 20 Nov 2018 07:00:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181120070024_13872759/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181113135037_13865325/ Tue, 13 Nov 2018 13:50:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181113135037_13865325/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181108095013_13859959/ Thu, 08 Nov 2018 09:50:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181108095013_13859959/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181108082009_13859869/ Thu, 08 Nov 2018 08:20:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181108082009_13859869/ <![CDATA[RNS press release - Call of Convertible Loan Notes ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181108070009_13859300/ Thu, 08 Nov 2018 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181108070009_13859300/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181101143001_13851891/ Thu, 01 Nov 2018 14:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181101143001_13851891/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181030101209_13847530/ Tue, 30 Oct 2018 10:12:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181030101209_13847530/ <![CDATA[News - Aggregated Micro Power to raise £8.5mln to retire convertible loan stock ]]> https://www.proactiveinvestors.co.uk/companies/news/207096/aggregated-micro-power-to-raise-85mln-to-retire-convertible-loan-stock-207096.html Aggregated Micro Power Holdings PLC (LON:AMPH) plans to raise £8.5mln through the placing of shares at a pound a pop to retire convertible loan stock.

Shares in the specialist provider of distributed heat, power and renewable fuels closed at 110p on Friday.

READ: New acquisitions light a fire under Aggregated Micro's profit performance

Once it has the cash from the share issue, it intends to issue the call notice in respect of the £10.01mln outstanding fixed rate secured 8% series I and series II convertible loan notes, due for redemption in 2021.

Directors and management of the company currently hold, in aggregate, £2.22mln of the convertible loan notes and have committed to convert their notes into shares, which leaves around £7.79mln of loan notes that could be redeemed, on top of which there will be accrued interest of around £130,000 that will have to be paid to the noteholders.

It is entirely possible that some note-holders will follow the example of the company’s executives and convert their notes into shares, in which case, the money raised from this will be used, in order of priority, as follows:

Fuels business working capital and investment in growth (including fees) - £5,000,000 Urban Reserve - £3,000,000 Service & Maintenance business expansion - £500,000

"We are delighted and very grateful for the support shown by our existing and new shareholders in difficult market conditions. The proceeds from the placing will enable us to simplify our balance sheet structure and provide working capital to accelerate our growth," said Richard Burrell, the chief executive of Aggregated Power.

The company said it continues to trade in line with expectations. In the five months to the end of August, the company had unaudited revenue of £14.5mln, which is ahead of the corresponding period of 2018.

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Mon, 15 Oct 2018 14:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207096/aggregated-micro-power-to-raise-85mln-to-retire-convertible-loan-stock-207096.html
<![CDATA[RNS press release - £8.5m Placing, CLN Call & Notice of GM ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181015123610_13828966/ Mon, 15 Oct 2018 12:36:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181015123610_13828966/ <![CDATA[News - Aggregated Micro Power's Incubex associate to launch North American environmental futures ]]> https://www.proactiveinvestors.co.uk/companies/news/206375/aggregated-micro-power-s-incubex-associate-to-launch-north-american-environmental-futures-206375.html Aggregated Micro Power’s (LON:AMPH) carbon and renewables associate Incubex will launch its first range of North American environmental products in November.

California carbon allowances and New Jersey solar certificates will be among the futures and options available. Incubex has partnered with Nodal Exchange, a derivatives platform that specialises in the North American commodities markets.

READ: Aggregated Micro believes in power of local energy

Part of EEX Group, Nodal offers over 1,000 localised electricity futures contracts and also has a Henry Hub natural gas contract.

The new environmental contracts will complement this core energy business and allow participants to benefit from optimised portfolio margining, it said.

All Nodal Exchange contracts are cleared by Nodal Clear, which is a CFTC-registered derivatives clearing organisation. 

Dan Scarbrough, IncubEx’s chief operating officer, said: "Environmental markets are longstanding and expanding in North America, and our initial product set is reflective of the wide array of active programmes.”

Paul Cusenza, Nodal Exchange’s CEO, said the new products were complementary to its core business and would allow it to grow further into new and evolving markets.

Aggregated Micro has a 29.08% stake in Incubex.

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Thu, 04 Oct 2018 08:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206375/aggregated-micro-power-s-incubex-associate-to-launch-north-american-environmental-futures-206375.html
<![CDATA[RNS press release - IncubEx Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181004070008_13815821/ Thu, 04 Oct 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20181004070008_13815821/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180910113201_13784898/ Mon, 10 Sep 2018 11:32:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180910113201_13784898/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180830164704_13773575/ Thu, 30 Aug 2018 16:47:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180830164704_13773575/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180830164504_13773570/ Thu, 30 Aug 2018 16:45:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180830164504_13773570/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180712091924_13715349/ Thu, 12 Jul 2018 09:19:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180712091924_13715349/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180710151601_13712637/ Tue, 10 Jul 2018 15:16:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180710151601_13712637/ <![CDATA[News - Aggregated Micro believes in power of local energy ]]> https://www.proactiveinvestors.co.uk/companies/news/200137/aggregated-micro-believes-in-power-of-local-energy-200137.html Mass adoption of electric vehicles is now taken as a given by most industry participants.

BP for instance, forecasts there will be 12mln electric vehicles (EVs) on UK roads by 2040.

READ: AMP to raise £8.5mln to retire convertible loan stock

That was one of the reasons why the energy giant snapped up Chargemasters, operator of the UK’s largest EV charging network, last summer.

Richard Burrell, chief executive of Aggregated Micro Products Holdings PLC (LON:AMPH) believes that even with the likes of BP getting involved the issue of where all the electricity will come from to power these vehicles has yet to be addressed.

It is also why AMP is looking at diversifying into EV charging.

Currently, AMP’s grid balancing arm operates two natural gas-powered sites in Kent and Essex with capacity for about 24Mw of electricity that can be switched on at times of peak power demand, but the focus is switching to smaller sites of 2-4Mw capacity.

Burrell wants to add 25 sites in Greater London and extend its reach into the North-West around Liverpool and Manchester.

Synergies

All you need is planning permission and a connection to the gas network, says Burrell, who adds that as its generators are roughly the size of two containers they can easily fit on bits of unused land.

AMP currently generates most of its revenues from wood fuels and combined heat/power boiler businesses.

In the first half of its financial year, AMP delivered over 80,000 tonnes of wood pellet and wood chip to nearly four million customers. It also provided service and maintenance to around 900 biomass boilers.

And Burrell sees many synergies between this business and new EV charging outlets.

“A small-scale power generator is an attractive proposition. It’s all about providing power where it’s needed most,” he told Proactive.

“We are believers in clean energy distributed at down a local level and not dependent on national grid or big power stations.

READ: AMP posts sharp rise in H1 revenue

Broker finnCap recently repeated its price target of 135p for AMP after the firm published its half-year results which showed a sharp rise in revenue and gross profit.

The target compares to market price currently of 90p, implying upside of 50%.

“The group’s strategy has evolved over recent years and in the short term, the majority of its revenues and profits are expected to be generated in the wood chip and wood pellet markets, through its main trading subsidiary, AMP Biomass Fuel.

“Its Project Development activities are expected to be widened and will benefit from regulatory changes with new areas such as grid balancing and peaking plants expected to become a good growth area for the group.”

finnCap notes the UK government has a legally binding target of reducing the UK's greenhouse gas emissions by 80% by 2050 against 1990 levels.

READ: AMP’s Incubex associate to launch North American environmental futures

Some 8GW of coal-fired generating capacity has already been decommissioned since 2012 and a further 10GW is expected to close by 2025, most of which will happen by 2020.

In addition, 2GW of gas-fired combined plants are expected to close by 2020. Taken together, this represents approximately 25% of the UK’s generating capacity.

With some nuclear generators also being decommissioned the supply of electricity is becoming much more volatile and has increased the need for flexible and controllable stand-by supplies.

finnCap forecast revenues this year to March will rise 18% to £51mln and adjusted profits will come in at £1.1mln.

The broker’s share price target is based on a sum-of-the-parts valuation, which also includes credit for AMP’s 29.1% stake in carbon trading exchange Incubex and its off-balance sheet boiler project vehicle, AMPIL.

“With forecast year-end net cash of £4.7m, the balance sheet is now much stronger and supports further growth,” read a recent note.

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Wed, 04 Jul 2018 12:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200137/aggregated-micro-believes-in-power-of-local-energy-200137.html
<![CDATA[Media files - Aggregated Micro Power books strong year of growth ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9770/aggregated-micro-power-books-strong-year-of-growth-9770.html Wed, 04 Jul 2018 11:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9770/aggregated-micro-power-books-strong-year-of-growth-9770.html <![CDATA[News - New acquisitions light a fire under Aggregated Micro's profit performance ]]> https://www.proactiveinvestors.co.uk/companies/news/200108/new-acquisitions-light-a-fire-under-aggregated-micro-s-profit-performance-200108.html Biomass boiler specialist Aggregated Micro Power Holdings PLC (LON:AMPH) said 2019 is shaping up to be another exciting year after it saw strong growth last year.

It is just over a month since the company upgraded sales guidance for the second time for the year to the end of March, saying turnover would be at least £42mln, and in fact, it clocked in at £43.16mln, up from £19.72mln the year before.

READ: Biomass boiler specialist Aggregated Micro Power Holdings PLC

The bulk of the revenues - £40mln (2017: £15.8mln) came from the wood fuels divisions, which chipped in with underlying earnings (Ebitda) of £1.9mln (2017: £750,000).

Profit before tax for the group as a whole soared 78% to £1.66mln from £933,480 the previous year.

Net assets at the end of March stood at £18.0mln, up from £10.4mln the year before.

The company said it is considering opportunities in the evolving energy market and is looking at electrical vehicle charging, infrared heating, battery storage, renewable electricity supply, green gas and compressed natural gas (CNG).

Among the company’s objectives for 2018 is to supplement its cash resources with additional new funding.

"Our company continues to develop at a frenetic pace. The highlights of the year were the completion of two further acquisitions and an increase of circa 100% in both turnover and net profit,” said Richard Burrell, the chief executive of Aggregated Micro Power.

“We are exceptionally busy and 2018 promises to be an equally exciting year," he added.

Shares in Aggregated Micro Power were unchanged in lunchtime trading.

 

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Wed, 04 Jul 2018 08:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200108/new-acquisitions-light-a-fire-under-aggregated-micro-s-profit-performance-200108.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180704070004_13704546/ Wed, 04 Jul 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180704070004_13704546/ <![CDATA[News - Aggregated Micro's revenues ahead of expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/197985/aggregated-micro-s-revenues-ahead-of-expectations-197985.html Biomass boiler specialist Aggregated Micro Power Holdings plc (LON:AMPH) has upgraded its sales guidance for the year just ended for a second time.

Turnover for the year to March will be more than £42mln, against the £40mln forecast previously. AMP had already raised its revenue forecast from £30mln.

READ:Aggregated Micro Power has biomass appeal

Profits for the year will be ahead of last year at £1.8mln, with an increase in the value of 29%-owned financial products associate Incubex offsetting restructuring costs and one-off costs.

Richard Burrell, chief executive, said: “We have seen a significant expansion of our operations in 2017 and 2018 and we look forward to further progress across our Biomass Heat Business, our Projects Business and from our Investments in the new financial year."

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Thu, 31 May 2018 07:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197985/aggregated-micro-s-revenues-ahead-of-expectations-197985.html
<![CDATA[RNS press release - Appointment of Joint Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180531070007_13660757/ Thu, 31 May 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180531070007_13660757/ <![CDATA[RNS press release - Year End Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180531070003_13660670/ Thu, 31 May 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180531070003_13660670/ <![CDATA[RNS press release - Confirmation of Capital Reduction ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180502070011_13626556/ Wed, 02 May 2018 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180502070011_13626556/ <![CDATA[News - Aggregated Micro Power has biomass appeal ]]> https://www.proactiveinvestors.co.uk/companies/news/196074/aggregated-micro-power-has-biomass-appeal-196074.html Aggregated Micro Power Holdings plc (LON:AMPH) is a classic study of a vertically integrated business.

The group installs commercial size biomass-fuelled boilers used by schools, care homes and business parks.

READ Aggregated Micro Power ups revenue forecast by a third after cold blast

These are financed by two special purpose vehicles AMPIL 1 and 2, a method that frees up capital to fund more new projects.

AMP provides fuel for the boilers (wood chip and wood pellets) and commissions and installs them on a long-term contract.

Billington Bioenergy fills a northern gap

The acquisition last year of Forest Fuels made AMP one of the UK’s largest woodchip suppliers and recent acquisitions have taken it deeper into wood pellet supply.

The latest purchase, Liverpool-based Billington, fills a gap in the network in the north-west, chief executive Richard Burrell told Proactive.

“We can now serve most customers in most prices at very competitive prices and quality.”

The company was bought from Drax Smart Supply for a consideration of £2.0mln, comprising £1.6mln in new ordinary AMP shares at an assumed price of 98.5p each and £400,000 in cash.

The issue of shares as part of the acquisition means power station-operator Drax now owns around 4% of the company.

Based in Liverpool, Billington supplies 40,000 tonnes of premium wood pellets a year to more than 1,500 commercial customers from four depots.

Revenues in 2016 were £6.8mln with a loss before tax of £430,000, including a management charge to Drax.

Burrell said Drax would be a long-term investor and the two companies will work together on a number of projects and it was an excellent fit with Forest Fuels.

Prior to Billington, AMP acquired the wood pellet assets and customer base of CPL Distribution, a business turning over £5.1mln annually.

Peaking plant progress

AMP is also branching out into power supply and has more than 120Mw of grid-balancing projects with planning permission and grid connection offers. These peaking projects kick-in when demand is overwhelming the grid, such as when Britain was in the grip of the “Beast from the East”.

In January 2017, funding of £14mln came through for its first peaking plant in Kent, a project that will comprise some 21Mw of natural gas reciprocating engines.

The finance is being provided by funds managed by Triple Point Investment Management.

“AMPH will earn project development fees, on-going operation and maintenance fees and has shares in the project which are subject to a hurdle return being achieved by Triple Point,” said Burrell.

Burning brightly, judging by the half-year performance

In December, the company said it expected the second half of the financial year, which runs to the end of March, to be strong after it produced a solid first-half performance.

In the six months to September 30, it grew revenues 217% to £11.2mln, while gross profits increased almost 300%. As is common with businesses at the formative stage of its commercial development, AMP was loss-making – to the tune of £2.44mln at the pre-tax level.

The company helped AMPIL 2 raise almost £30mln for further boiler and combined heat and power (CHP) and future grid balancing projects.

The special purpose vehicle now has over £50mln invested or available for future opportunities.

Its project development business was on course to complete or reach financial close on a number of larger projects during the second half; as a result, AMP expects to generate more than £30mln of turnover for the year.

The executive chairman, Neil Eckert, said: “With the strength of our position in the wood fuels market and our growing pipeline of project developments in biomass and grid balancing, we look forward to the future with confidence.”

AMP eyeing dividend payments as it proposes a capital reduction

That future may include dividend payments after the firm unveiled plans to reduce the firm's capital, kick-starting a process that could see dividends being paid to shareholders.

The company currently does not have any distributable reserves and is therefore not allowed to pay divis but the board thinks now is the time to change this.

As of March 16, the share premium account (an undistributable reserve) stood at £22.73mln.

The capital reduction plan, which was approved by shareholders in April, will eliminate the firm's profit and loss deficit and create distributable reserves.

This involves cancelling the credit of the share premium account and transferring it to the profit and loss account - reducing capital and providing more flexibility to pay dividends, the group said.

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Mon, 30 Apr 2018 09:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196074/aggregated-micro-power-has-biomass-appeal-196074.html
<![CDATA[News - Danish giant Orsted takes stake in green energy financial products group Incubex ]]> https://www.proactiveinvestors.co.uk/companies/news/195947/danish-giant-orsted-takes-stake-in-green-energy-financial-products-group-incubex-195947.html Green energy ETF group Incubex has added Danish energy giant Orsted to its shareholder roster.

Formerly known as Dong Energy, Orsted took up a third of a US$5mln fund round by Incubex, which is 29.08%-owned by AIM-listed renewable fuels group Aggregated Micro Power Holdings plc (LON:AMPH).

READ: Aggregated Micro Power Holdings set for boost from Incubex revaluation

Incubex and its partners such as the European Energy Exchange are developing financial products to support the renewable energy industry. The group was founded and is chaired by Neil Eckert, AMPH’s executive chairman.

Orsted is now a major player in the offshore wind business having at one time been Denmark’s state-owned oil and gas company.

The Danish group has committed fully to renewable sources of energy and will stop using coal by 2023.

It is building one of the world’s largest wind farms at Hornsea, off the coast near Grimsby and scheduled to come onstream in 2020.

Søren Scherfig, Orsted’s Head of Markets will join the board of Incubex, 

Scherfig said IncubEx is an innovative frontrunner in the building and aligning of commodity products to meet market demand.

"Our cooperation represents an opportunity for us to accelerate the maturity of these global markets and ultimately the green transition".

Eckert added: "This is a significant development for us.

"Ørsted are trailblazers in the environmental space. Our business is growing quickly and this raise gives us the working capital and balance sheet to pursue our goals."

AMPH share rose 2.5% to 100p. 

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Fri, 27 Apr 2018 10:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195947/danish-giant-orsted-takes-stake-in-green-energy-financial-products-group-incubex-195947.html
<![CDATA[RNS press release - ?rsted and Incubex joint press release ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180427072641_13621212/ Fri, 27 Apr 2018 07:26:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180427072641_13621212/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180419164600_13611677/ Thu, 19 Apr 2018 16:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180419164600_13611677/ <![CDATA[RNS press release - Proposed Capital Reduction and Result of EGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180411124530_13600697/ Wed, 11 Apr 2018 12:45:30 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180411124530_13600697/ <![CDATA[News - Aggregated Micro Power Holdings set for boost from Incubex revaluation ]]> https://www.proactiveinvestors.co.uk/companies/news/193936/aggregated-micro-power-holdings-set-for-boost-from-incubex-revaluation-193936.html Renewable energy specialist Aggregated Micro Power Holdings PLC (AIM:AMPH) looks set to book a significant uplift to the value of its investment in an exchange traded products business which is raising capital.

AMP holds a 27.89% stake in IncubEx, which plans to offer up to US$5mln Class B-1 units, valuing the business at US$50mln pre-money.

READ: Aggregated Micro Power ups revenue forecast by a third after cold blast

AMP will contribute up to US$2.1mln (£1.5mln), which would give it a 29.16% holding in Incubex, though the figure would be reduced to US$1.84mln if all the investors contribute.

An unnamed major strategic investor has pledged US$1.65m to the fundraise, the company said in a statement.

AMP's IncubEx shareholding will rise in value to US$16mln (£11.3mln) from US$3.3mln (£2.3mln) following the stock offering.

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Wed, 28 Mar 2018 07:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/193936/aggregated-micro-power-holdings-set-for-boost-from-incubex-revaluation-193936.html
<![CDATA[RNS press release - Incubex Fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180328070006_13584079/ Wed, 28 Mar 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180328070006_13584079/ <![CDATA[RNS press release - Change of Registered Office ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180321144018_13576021/ Wed, 21 Mar 2018 14:40:18 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180321144018_13576021/ <![CDATA[News - Aggregated Micro Power ups revenue forecast by a third after cold blast ]]> https://www.proactiveinvestors.co.uk/companies/news/193439/aggregated-micro-power-ups-revenue-forecast-by-a-third-after-cold-blast-193439.html Aggregated Micro Power Holdings plc (LON:AMPH) saw its shares rise 2.5% higher on Tuesday after it said revenue this year will be £40mln, a third higher than previously forecast.

Recent positive trading during this winter season was cited as the reason for the uplift in sales, with fuel demand likely to have risen steeply with the recent UK cold snaps. 

READ: Aggregated Micro Power eyeing dividend payments as it proposes capital reduction

The business sells wood fuel and pellets for domestic use and commercial-size biomass-fuelled boilers in schools, care homes and business parks.

AMPH added the results to March will also include one-costs related to the acquisition of Billingtons and CPL Distribution over the past year. 

Richard Burrell, AMP’s chief executive, said: “Our business continues to grow and the restructuring of our fuels business under the Forest Fuels brand should provide us with a strong platform for future growth in 2018 and beyond."

In mid-morning trading, Aggregated Micro Power shares were up 2.5% at 102.5p.

 -- Adds share price --

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Tue, 20 Mar 2018 07:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193439/aggregated-micro-power-ups-revenue-forecast-by-a-third-after-cold-blast-193439.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180320070004_13572849/ Tue, 20 Mar 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180320070004_13572849/ <![CDATA[News - Aggregated Micro Power eyeing dividend payments as it proposes capital reduction ]]> https://www.proactiveinvestors.co.uk/companies/news/193281/aggregated-micro-power-eyeing-dividend-payments-as-it-proposes-capital-reduction-193281.html Energy firm Aggregated Micro Power Holdings PLC (LON:AMPH) unveiled plans to reduce the firm's capital, kick-starting a process, which could see dividends being paid to shareholders.

The company, which sells wood fuels and installs commercial-size biomass-fuelled boilers, currently does not have any distributable reserves and is therefore not allowed to pay divis, but the board thinks now is the time to change this.

READ: Aggregated Micro Power hails first half performance; expects even better end to the financial year

The firm will also convene a general meeting on April 11, in which the board recommends shareholders approve this capital reduction.

As of today (March 16) Aggregated Micro Power's share premium account (an undistributable reserve) stood at £22,726,487.

The group's capital reduction plan aims to eliminate the firm's profit and loss deficit and create distributable reserves.

This involves cancelling the credit of the share premium account and transferring it to the profit and loss account - reducing capital and providing more flexibility to pay dividends, the group said.

If shareholders approve and court approval is obtained, this process will not conclude until May 2018 and therefore the firm will not pay a dividend for the year to end March, 2018.

The capital reduction will not reduce the underlying net assets of the firm.

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Fri, 16 Mar 2018 07:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193281/aggregated-micro-power-eyeing-dividend-payments-as-it-proposes-capital-reduction-193281.html
<![CDATA[RNS press release - Proposed Capital Reduction and Notice of EGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180316070003_13569254/ Fri, 16 Mar 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180316070003_13569254/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180215071700_13534127/ Thu, 15 Feb 2018 07:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180215071700_13534127/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180209103741_13527963/ Fri, 09 Feb 2018 10:37:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180209103741_13527963/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180207090400_13524525/ Wed, 07 Feb 2018 09:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12167/LSE20180207090400_13524525/