TIDMAEG
RNS Number : 4658A
Active Energy Group PLC
29 September 2015
29 September 2015
Active Energy Group Plc
("Active Energy Group" or the "Group" or the "Company" or
"AEG")
H1:2015 Interim Report and Results
Active Energy Group Plc (AIM: AEG.L), the London Stock Exchange
AIM-quoted international supplier of wood fibre products for MDF
manufacturing, global forestry and natural resources development
services, and Biomass for Energy (BFE) coal replacement fuel
solutions and processing systems, announces its interim report and
results for the six months to 30 June 2015.
Highlights:
-- Another strong performance from the Group's Ukrainian wood
fibre processing division, which recorded a 70% rise in volumes
shipped during the period to 103,733 tonnes (H1:2014: 61,185
tonnes).
-- Demand for the Group's wood chip products remains higher than
it is currently able to satisfy, with further large orders received
since the start of the year.
-- Delays in the major upgrading and expansion of the Group's
Ukrainian wood fibre processing facilities, which are now
proceeding on schedule and expected to significantly increase
volumes and revenues from Q4:2015.
-- Successful conclusion of research into coal replacement
Biomass for Energy fuel solutions, leading to the announcement of
the establishment of the AEG CoalSwitch Limited joint venture in
September 2015.
-- Completion of the majority of the financier due diligence for
investment into the Group's Canadian KAQUO Forestry & Natural
Resources Development Corporation joint venture.
-- Announcement of proposed Public-Private Partnership 'Forestry
to Fuel' initiative with Ukrainian government.
-- Private placing of 20 million New Ordinary Shares with Ruffer
LLP, a long-standing institutional investor, raising an additional
GBP1.0 million working capital.
Financial Results:
-- Revenues increased by over 11% to $12.046 million (H1:2014: $10.83 million)
-- Gross profit increased by over 98% to $1.227 million (H1: 2014: $0.618 million)
-- Loss before tax, including significantly higher finance costs
of $0.518 million due to the Group taking on more debt to increase
its production capabilities, totalled $2.050 million (H1:2014:
$1.826 million)
-- Adjusted operating loss (after excluding share-based payments
and non-cash items) fell to $0.209 million (H1:2014: $0.550
million)
Post Half-Year End:
-- Installation and commissioning of new high-volume handling
and processing equipment at Yuzhny Port, which will facilitate a
four-fold increase in the Group's wood chip production capacity,
proceeding as per revised schedule.
-- Announcement of AEG CoalSwitch Limited joint venture, in
which the Group holds a 51% equity interest, to exclusively
commercialise a revolutionary clean energy Biomass coal replacement
fuel manufacturing system.
-- Conclusion of the Alberta government investigation into the
Métis partners handling of their role in the Group's KAQUO Forestry
& Natural Resources Development Corporation joint venture;
which should enable forestry operations to commence in January
2016.
-- Further strengthening of the Board with the appointment of
Michael Rowan as new Non-Executive Director.
Richard Spinks, CEO of Active Energy Group, commented: "Overall,
the first half of the year demonstrated that the Group is making
excellent progress towards achieving the strategic vision that I
outlined when I assumed the role of CEO in 2012; and my
co-Directors and I are confident that AEG is in an even stronger
position to create additional shareholder value as an international
operation across several vertically-integrated and complementary
industry sectors."
"Although equipment issues at our wood fibre division impacted
upon its performance, they prove the wisdom of the Board's decision
to invest significant funds in upgrading and expanding our
production facilities. The successful conclusion of our search for
a Biomass for Energy coal replacement fuel will not only open
important new markets, but also complement and increase the
profitability of our other trading activities. And, despite the
delays caused by the Alberta government investigation, we are close
to securing the funding to enable us to commence forestry
operations in the Group's Canadian joint venture in January
2016."
NOTES TO EDITORS & CONTACT INFORMATION
ABOUT ACTIVE ENERGY GROUP PLC:
Active Energy Group Plc is a London Stock Exchange AIM-quoted
company (AIM: AEG.L). Headquartered in the UK, it is a
fast-expanding international business that has experienced
exceptionally strong growth and diversification into complementary
industry sectors since the current management team assumed
responsibility in mid-2012.
The Group has considerable expertise across the entire timber
industry supply chain - from forest to finished product.
Its three specialist business divisions, which reflect its
knowledge and experience and which work together to maximise
commercial opportunities, are focussed on providing products and
services to specific global market sectors:
-- Forestry & Natural Resources Development and Management
-- Wood Fibre Products for Medium-Density Fibreboard (MDF) Manufacturing
-- Advanced Biomass for Energy (BFE) Fuel Solutions and Processing Systems
Active Energy Group Plc operates from four international
locations:
-- Ukraine, where it is the largest producer and exporter of
wood fibre for the Turkish MDF manufacturing sector.
-- Canada, where it has entered into a landmark joint venture -
KAQUO Forestry & Natural Resources Development Corporation -
with several indigenous Métis Settlements to commercialise in
excess of 250,000 hectares of their lands, which contain valuable
forests and natural resources, including oil and gas reserves.
-- The United Kingdom and United States of America, where it
develops advanced Biomass for Energy fuels and fuel processing
systems that convert waste wood and industrial/agricultural
residues into coal replacement feedstock for clean energy power
generation in a joint venture - AEG CoalSwitch Limited - with
Biomass Energy Enhancements LLC.
Ukraine and Canada, with their large forestry reserves and
comprehensive road, rail and sea transport links, are ideal
locations from which to source raw Biomass material for conversion
into wood fibre for MDF manufacturing and enhanced sustainable
fuels for electricity generating power plants.
A highly experienced and dedicated management team leads Active
Energy Group Plc, each of whom possesses a proven track record in
the industries and regions in which it operates and from which its
revenues are generated.
The Company has grown significantly in recent years, and has
established a firm foundation, excellent reputation and
international customer base upon which to build for the future.
WEBSITE: LINKEDIN: TWITTER:
www.active-energy.com www.linkedin.com/company/activeenergy www.twitter.com/aegplc
(@aegplc)
ENQUIRIES:
Active Energy Group Plc
+39 344 111
Richard Spinks richard.spinks@active-energy.com Intl.: 6071
Chief Executive +380 503
Officer Ukraine: 942 702
+44 (0)7500
Brian Evans-Jones brian.evans-jones@active-energy.com UK: 861 696
Chief Financial +380 955
Officer Ukraine: 227 745
+972 (0)54
Mark Broomer mark.broomer@active-energy.com Intl.: 575 3091
+44 (0)7703
Corporate Communications UK: 18 88 18
WH Ireland Ltd. (Nominated Adviser and Broker)
Chris Fielding/Mark +44 (0)20
Leonard Office: 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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