IPSA after-tax loss of £1.9m
IPSA‚ the AIM and AltX listed independent power plant developer with operations in southern Africa‚ on Monday (9 September) reported a group loss after tax of £1.9m for the year to March compared with a profit of £5.6m last year.
Revenue for the period reduced marginally from £4.4m to £4.3m.
Since the year-end‚ the group's remaining two turbines have been sold for £16.1m, which has enabled the company to repay its borrowings. The board says it can now focus fully on developing a strategy for future growth and expansion of power generation in southern Africa.
Commenting‚ Richard Linnell‚ chairman of the company‚ said: "It was with considerable relief that I was able to report that the final two turbines had been sold. The debt and costs associated with these turbines have been a significant drain on shareholder value and with all of the group's borrowings and the majority of the creditors repaid."