---ADDS BROKER COMMENT---
The company listed on AIM in July, raising £9.5mln, since when it has achieved financial close on two biomass boiler projects, costing £550,000 in aggregate.
Revenue in the first half of 2014 was modest at £146,036, reflecting the early stage of the company's development, but was a substantial increase on the previous year's £92,624.
The company has a busy time ahead of it, with a business plan that is focused on the final commissioning of a plant in Cumbria, the development of two further gasification sites and the installation of a portfolio of biomass boilers.
As each site comes online, the company intends to refinance its assets and use the cash to enable further developments, proving the company's recycling credentials extend to cash recycling as well as energy production.
"Since admission, we have continued to work at Low Plains to improve the operational and wood drying capacity of our existing 1 MW [megawatt] plant in Cumbria. We have completed an upgrade of the fly ash removal system on schedule and as I write, are in the ramp-up phase of commissioning," said company chairman Neil Eckert.
"We can currently operate the plant in a stable state in excess of 65% capacity and are continuing to enhance operations. We are also on track to increase the plant's wood drying capacity by the middle of October," he added.
The group made a loss before tax of £1.83mln, versus a loss the year before of £1.03mln.
"The results illustrate operational start-up losses, and development costs," according to broker finnCap.
"The group is on track and making good progress in applying its recent £9.5m IPO proceeds into new micro-biomass power projects, with one project in ramp-up phase and two new developments in the planning phase. The shares stand on a modest premium to their IPO price, but still offer significant long-term value, of around 2.8x the IPO price, as its portfolio of biomass assets are developed over the next few years," the broker opined.