Sustainable power firm Simec Atlantis Energy looking to regain momentum after widening losses

The firm, which is based in Edinburgh, said its overall losses for the year amounted to £74.1 million, up from £19.4m in 2020. The jump was attributed to the recognition of impairment losses such as £32m relating to Uskmouth Power Station following the decision in April of this year to not proceed with the conversion of the site. Aim-quoted Atlantis added that group total equity at 31 December amounted to £16.7m, down from £81.8m.

Its MeyGen project, for which it earlier this year secured funding to get back on track, generated revenues of £1.6m from the sale of power and renewable obligation certificates. Landmarks since the year end include the company receiving consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of principal repayments due this week for a year.

Chairman Duncan Black said the last 12 months have been “very challenging”, but have also included key progress. “I believe that we end the period with a clear path forward for the group, a significantly streamlined business, and a number of exciting projects under development that will deliver value to shareholders,” he added.

Chief executive Graham Reid said: "2021 saw the company make some difficult but important decisions. While these have had short-term impacts on the business and our financial statements, I am convinced they are the right decisions, which will ultimately deliver value to shareholders in the medium to long term."