News Column

Active Energy Loss Widens In 2013 Due To Jump In Costs

June 30, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Wood chip supplier Active Energy Group PLC Monday said its loss widened significantly in 2013, despite sharply higher sales, due to burgeoning costs in the business.

The company posted a pretax loss of GBP2.3 million in 2013, compared with a loss of GBP695,867 in 2012, due to a significant increase in costs, which it said included those associated with the closure of previous businesses, restructuring, and investment in a new business strategy.

The group's costs of sales jumped to GBP5.33 million from just GBP150,567 in 2012, outpacing revenue, which rose to GBP5.25 million in 2013, from GBP230,710 the prior year.

Active Energy said trading in the current financial year has been positive, with a substantial increase in shipping volumes, despite capacity in the first few months of the year being constrained by political unrest in Ukraine.

"Our current operational performance is even more positive, with increased volumes at enhanced margins, which bodes extremely well for greatly improved financial results from the group in 2014," said Chief Executive Officer Richard Spinks in a statement.

Active Energy shares closed 1.9% higher Monday at 2.72 pence.

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Source: Alliance News

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