SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) shares witnessed a 47% spike as the firm’s restructuring measures started yielding results, as evidenced by the year-end results of 2022.
Group losses plummeted notably to £11.1mln from £74.1mln the previous year, primarily owing to a £5.0mln contraction in operating costs and a £2.0mln increase in the valuation of the Uskmouth sustainable energy park.
Earnings from the MeyGen tidal power project’s energy sales escalated by £2.3mln to a total of £3.9mln. This was a consequence of the successful commissioning of two turbines in 2022. Concurrently, the company’s restructuring efforts resulted in a drop in total annual expenses to £11.6mln, a decrease from the £16.6mln reported in 2021.
CEO Graham Reid lauded the significant strides made by the company since the onset of 2022. He expressed his immense pride in leading the determined team that drove this change, positioning the company to usher in a promising future for itself and its stakeholders.
In morning trading, the stock rose by 0.45p to 1.4p.
