Shares in SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) more than doubled after the publication of its delayed prelims, which showed the group's net assets had grown by a whopping 678% to £44.2 million.
That is more than five times the market capitalisation of the business ahead of today's announcement with the increase coming from a reassessment of the "value and size" of SIMEC's battery storage projects.
The results for the year ended December 31 also showed the tidal power group's revenues grew by 292% to £15.3 million, while its earnings (EBITDA) were £8.3 million from a £5.8 million loss a year earlier. The 2023 financial performance was flattered by a £10 million asset disposal.
In early trade, the stock was up 119% to 2.3p.