IPSA after-tax loss of GBP1.9m vs profit GBP5.6m

IPSA (IPS)‚ the AIM and AltX listed independent power plant developer with operations in southern Africa‚ on Monday reported a group loss after tax of GBP1.9 million for the year ended 31 March 2013 compared to a GBP5.6 million profit the year before.

Revenue for the period reduced marginally from GBP4.4 million to GBP4.3 million.

Since the year-end‚ the group’s remaining two turbines have been sold for $25m (GBP16.1m) which has enabled the company to repay its borrowings and the Board can now focus fully on developing a strategy of future growth and expansion of power generation in southern Africa.

Commenting‚ Richard Linnell‚ Chairman of IPSA‚ said: "It was with considerable relief that I was able to report in June that the final 2 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 Group’s creditors now repaid‚

the Board can concentrate on its core business of developing profitable power generation operations in southern Africa."

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