SAE Renewables, based in Edinburgh, Scotland, has reported a remarkable revenue growth for the latest fiscal year, leading to a return to profitability. The company’s stock price more than doubled on Tuesday morning in London, rising to 2.22 pence per share.
In 2023, SIMEC Atlantis achieved a pretax profit of GBP22.8 million, a significant improvement from the GBP11.1 million pretax loss the previous year. Revenue increased to GBP15.3 million from GBP3.9 million, while subcontractor costs were significantly reduced by 65% to GBP1.9 million from GBP5.4 million. Additionally, current loans and borrowings decreased by 28% to GBP11.5 million from GBP15.9 million over the period.
Chair Duncan Black expressed confidence in the company’s future, stating that they have the necessary funding and a clear outlook on future revenues to deliver development projects and service their debt. He noted that their pipeline of projects would be enviable to many larger companies.
Recently, SIMEC Atlantis received approval for a new battery energy storage system project that repurposes the Uskmouth power station in Wales. The company has also begun developing an additional BESS at the same site. Moreover, a planning application was submitted for the Mey BESS project near Caithness in Scotland, further expanding their sustainable energy initiatives.
SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal stream energy project.
