Mast Energy Developments PLC (LSE:MAST) rose by 6% as it upped its final count of revenue received from its Pyebridge 8.1MW flexible power generation asset for July by 16% to £66,000.
A preliminary estimate for revenue in August is £46,000, it added, before the receipt of Imbedded Benefits, which were the reason for July’s increased number.
Gross profit margin improved to 57% with the electricity sales price achieved during August outperforming the market price by around 75%.
Pyebridge is already cashflow positive, Mast added, with its second 2.7MW genset refurbishment progress going according to plan an application for a maximum 8.1MW capacity CM contract to be submitted end of September.
Pieter Krügel, chief executive, said: "We are very pleased with the ongoing performance of Pyebridge's first 2.7MW refurbished genset.
"Not only have we seen a 16% increase in July's final revenue tally, but we have also seen a marked improvement in the gross profit margin and market outperformance.
“We expect Pyebridge's performance to improve as we grow the generating capacity.
"Pyebridge's performance has proven Pyebridge as our pilot test site to optimise and prove the business model.
"This provides an excellent framework to replicate for more sites as we grow ultimately to 300+ MW of generating capacity.
“We have shown we can produce an average revenue per MW per month of c. £21,000 based on Pyebridge's actual results for July and August, and we look forward to updating the market with ongoing performance data."
Shares rose 0.01p to 0.18p.