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Helius Energy says Rothes project is on schedule and within budget

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Biomass plant builder Helius Energy (LON:HEGY) expects its 7.2 MW Rothes project in Scotland to begin commercial operations in the first half of 2013.

Unveiling its interims today, the firm said its project pipeline was progressing well with contracts being finalised for the Avonmouth project on the Bristol channel,  which will allow finance to be secured.

In Southampton, its proposed 100MW biomass plant is in the consent process.

The company booked revenues of £151,000 in the six months to March 31 this year, compared to zero in the comparable period.

It narrowed the loss before tax to £644,000 compared to a loss of £956k in 2011. As at the period end, it had cash of £4.3 million compared to £6.6 mln a year earlier.

Chairman John Seed said: "In light of the success of the financing of the Rothes project and the progress made so far with the Avonmouth project, the company will continue to develop and review its project pipeline and to focus on its funding requirements including raising additional project debt and project equity in 2012 and securing a development fee from the Avonmouth project in order to provide working capital for the company."

Quick facts: Helius Energy

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AIM:HEGY
Market: AIM
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