Mast Energy Developments PLC (LSE:MAST) has announced its unaudited financial results for the six-month period ended 30 June 2024, reporting a gross profit of £116,659, an improvement from £73,430 in the same period last year.
The company successfully completed the first phase of a comprehensive improvement program, which included refurbishing one of the site's 2.7 MW turbine engines, resulting in increased efficiency and revenue generation.
Additionally, Pyebridge secured new capacity market contracts, which are expected to provide substantial income in the coming years.
The site is now better positioned to meet its contractual obligations and continue contributing to the company's overall revenue growth.
Revenue for the period was £202,258, primarily driven by Pyebridge T-1 Capacity Market payments and electricity generation.
Mast Energy managed to reduce its loss for the period to £492,055, down from £773,750 a year earlier.
This reduction in losses is attributed to improved cost control measures and increased income from Pyebridge, where extensive refurbishment works are currently ongoing to further enhance operational efficiency and revenue potential.
The directors noted the company's focus on optimising site performance and maintaining its other development projects in good standing as it continues to explore additional financing options.