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SIMEC Atlantis Energy confirms healthy cash balance and August results date

Cash and equivalents on the balance sheet were £9.4mln as of last Friday

SIMEC Atlantis Energy -

SIMEC Atlantis Energy Ltd (LON:SAE) said it will publish its full-year results and annual report between August 7 and 14 after being given an extension due to the coronavirus pandemic. 

Cash and equivalents were £9.4mln as at June 26, the AIM-listed group said in trading update on Monday, adding that it had seen minimal disruption from the coronavirus pandemic to its tidal business and its Green Highland Renewables (GHR) operations and maintenance business.

WATCH: SIMEC Atlantis says positive Uskmouth test results have 'huge implications for viability of project'

The MeyGen tidal project recently notched up 30 gigawatt hours (GWh) exported to the grid and the group said it continues to make “good progress” with contractual commitments to deliver turbines, a subsea hub and services to clients in Japan and Scotland this year.

As well as its keeping things flowing smoothly at its 45 hydro monitoring contracts, GHR’s three hydro construction projects have restarted and are progressing in line with commissioning targets after initially being suspended according to the government’s pandemic guidance. 

The Uskmouth Power Station combustion system design contract is on-schedule to be completed this summer, with the public consultation completing today after positive combustion tests from systems provider Mitsubishi Hitachi Power Systems this month.

A team of essential engineering, safety and security staff has been maintained to look after all critical infrastructure at the Uskmouth site in readiness for future operation.

Quick facts: SIMEC Atlantis Energy

Price: 13.25 GBX

Market: AIM
Market Cap: £56.85 m

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SIMEC Atlantis says positive Uskmouth test results have 'huge implications...

SIMEC Atlantis Energy PLC's (LON:SAE) CEO Tim Cornelius and Director of Project Delivery David Taaffe caught up with Proactive London's Andrew Scott after announcing that combustion tests have confirmed that waste converted to pellets can be burnt successfully to fuel at its Uskmouth power...

on 24/6/20

2 min read