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Uplift in Incubex's value swings Aggregated Micro Power into profit

AMP sold a 4% stake in Incubex with the price received prompting a £6.57mln upward revision in the value of the holding.

Aggregated Micro Power Holdings PLC -
Wood fuels delivered over 90,000 tonnes of RHI compliant wood fibre to nearly 4,000 customers

An uplift in the value of its renewables trading arm Incubex helped Aggregated Micro Power Holdings PLC (LON:AMPH) swung back into profit ahead of its acquisition by Spanish renewable fund Asterion.

At the time of the deal with Asterion, AMP sold a 4% stake in Incubex with the price received prompting a £6.57mln upward revision in the value of the holding.

Revenues over the half-year to September were little changed at £18.1mln (£18.3mln), while there was an interim pre-tax profit of £740,000 (loss £5.4mln).

Net assets rose to £24.9mln from £24.1mln six months earlier.

Richard Burrell, chief executive, said: "AMP continues to make progress and our interim results have benefited from the uplift in the value of our shareholding in Incubex. 

“The recently announced 90p per share offer from Asterion represents an attractive offer price for AMP and it ensures that AMP has the right partner to help fund its next phase of growth."

Asterion’s offer values AMP at £63mln.

Quick facts: Aggregated Micro Power Holdings PLC

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AIM:AMPH
Market: AIM
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