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Aggregated Micro Power encouraged by strong progress at its Urban Reserve division

"This year has been a year of contrasts: a very disappointing 12 months in wood fuels but a strong out-performance in project development and continued progress from IncubEx"

Urban Reserve generator
The Urban Reserve division is generating power - and interest from potential finance partners

Clean energy specialist Aggregated Micro Power Holdings PLC (LON:AMPH) has increased the targets for its Urban Reserve grid-balancing business.

The division was highlighted in the company's results for the year to the end of March, with the company saying it had created a market-leading position in flexible generation under the Urban Reserve brand.

Several parties have expressed an interest in financing the company's increasing portfolio of Urban Reserve assets, Aggregated Micro (AMP) said.

While it was a year of progress for the Urban Reserve division, it was a difficult year for its Wood Fuels business, which underwent a restructuring and also had a £4.4mln restatement to retained earnings in the prior year accounts due to certain issues that were identified with regard to the inventory and payables system.

Executive chairman Neil Eckert said the issues identified in the Wood Fuels business are now in the past.

Performance of the Wood Fuels division was also hit by the warm weather, rising fibre prices, adverse foreign exchange movements and loss-making fixed-price customer contracts.

For the group as a whole, revenues surged by 14.5% in the reporting period to £49.5mln from a restated £43.2mln the year before, resulting in the adjusted underlying loss (EBITDA) halving to £1.5mln.

The reported loss before tax was £5.72mln, versus a loss the year before of £2.49mln.

Net assets at the end of March were valued at £24.1mln, up from a restated £13.7mln a year earlier.

Management flagged up the potential uplift in the value of its 29.08% interest in IncubEx, an incubator for exchange-traded products, services and technology solutions that is growing rapidly in Europe.

Cash flow from operations used was £9.5mln, compared to £3.0mln (restated) of cash flow generated in the previous year.

"AMP has created a diversified business aligned to finding solutions to address the pending climate crisis. The use of distributed energy assets for heat and power, methods of managing intermittency in power supply and the increased role of global trading platforms in environmental markets will be critical to this climate agenda,” said chief executive officer, Richard Burrell.

“AMP has laid down foundations in each of these areas and we are especially delighted with the progress in Urban Reserve and the strong performance in IncubEx," he added.


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