Helius Energy plc 2011 Full year results

Helius Energy plc 2011 Full year results

Helius Energy plc, the company established to develop, build and operate biomass fired renewable energy power stations, today issued its annual report and accounts for the twelve months ended 30 September 2011.

 Highlights:

  • Material progress made in detailed negotiations for Avonmouth project's equipment supply, construction and fuel supply contracts
  • CoRDe project at Rothes entered construction, is on budget and on schedule to commence commissioning in Q3 2012, with commercial operation in H1 2013
  • Finalised debt financing package for the CoRDe project
  • Secured third party equity of £9.3m for CoRDe project, resulting in a £2.5m fair value gain following the sale of equity to Rabo project equity BV
  • Commenced consenting process for Southampton project
  • Advanced negotiations for one additional site for large biomass development in the UK
  • Profit before tax of £0.072m (2010: loss before tax of £6.2m)
  • £8.3m invested into the development of the CoRDe, Avonmouth and Southampton projects in the period
  • Cash balance of £0.5m at 30 September 2011 (post financial year end, raised £6.3m in a secondary placing of shares)
  • Put in place board restructuring and cost reduction initiatives that will deliver benefit in 2012

John Seed, Chairman of Helius Energy, said: "Helius is well positioned and resourced to build upon our previous success.  Biomass generation provides baseload power and has a substantial role in the UK's future energy mix, and we have the expertise and flexibility to deliver these much-needed projects.  Our strategy remains focused on delivering our projects to financial closure and managing their implementation and operation."

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