SAE Renewables Limited (LON:SAE) has announced its unaudited interim results for the six months ended 30 June 2024.
Key Highlights
· SAE received £7.0 million from the land sale contract with EL (Uskmouth) Ltd
· SAE acquired 100% ownership of the AW1 120MW/240MWh Battery Energy Storage System (“BESS”) project
· SAE submitted a planning application for Section 36 consent for the 300MW/1.2GWh “Mey BESS” project in the North of Scotland.
· The consolidated cash position of the Group as at 30 June 2024 was £7.7 million (as at 30 June 2023: £2.3 million)
· The Group reported revenues of £12.1 million for the six months ended 30 June 2024 compared to revenues of £12.4m for the same period in 2023
· The loss before tax of £6.0 million for the six-month period to 30 June 2024 (H1 2023: profit £4.5 million) was largely a result of the profit on the land sale contract with EL (Uskmouth) Ltd having been recognised in 2023 whilst the revenue from the sale was realised during 2024.
