Shares in SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) surged 47% as the company's restructuring efforts began to pay off, according to its final results for the year ended 31 December 2022.
The company reported a significant reduction in group losses to £11.1mln, down from £74.1mln in 2021, driven by a £5.0mln decrease in operating expenses and a £2.0mln improvement in the valuation of the Uskmouth sustainable energy park.
Power sales from the MeyGen tidal power project rose by £2.3mln to £3.9mln, reflecting the successful deployment of two turbines in 2022. The company's restructuring also led to a decrease in total expenses for the year to £11.6mln, down from £16.6mln in 2021.
"The business has made significant progress since the beginning of 2022, and I am incredibly proud to have led the committed and dedicated team who delivered this change, ensuring that we are in a strong position to deliver an exciting future for our company and our shareholders," said chief executive Graham Reid.
The stock was up 0.45p at 1.4p in morning trade.