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

The recent acquisitions have accelerated AMP's growth by strengthening its market-leading supply chain and distribution capability in wood fuels and related services
Snow-bound street
A feature of the year under review was "the Beast from the East"

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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