ALTX-listed independent power plant developer Ipsa Group (IPS) on Friday reported profit after tax of £1.96m for its six months ended September‚ as the sale of two turbines more than offset a slight fall in revenue.
Ipsa chairman Richard Linnell said the group had performed “satisfactorily†in operating terms.
Revenue of £2.1m was down from £2.5m in the prior interim period. The revenue in the 2013 interim period consisted of electricity sales of £1.5m‚ down from £2.1m previously‚ and steam sales of £0.6m‚ up from £0.4m.
Group profit after tax of £1.96m followed an interim loss of after tax of £1.3m in 2012‚ thanks to the group recognising profit of £3.2m on sale of its two remaining turbines in June.
Linnell said: “With a programme in place now to install additional capacity at our Newcastle site‚ starting early in 2014‚ we will be able to deliver the maximum we can under the existing power purchase agreement (PPA) with Eskom and position the company for securing future PPAs.
“This gives a much better platform for developing and growing the business in South Africa‚ which is excellent to see‚†he said.
Ipsa is a British company that develops power-generation projects in southern Africa. It is also listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
