Atlantis posts £7.3 million loss in 2016

Tidal turbine being deployed at MeyGen (Photo: Atlantis Resources)

Atlantis Resources has reported a post-tax loss of £7.3 million in 2016, a decrease of £9.3 million on the prior year profit.

Atlantis said the prior year included one-off gains arising from the acquisition of Marine Current Turbines (MCT) in the amount of £9.2 million, and £0.9 million from the disposal of 50% of its stake in Atlantis Operations Canada (AOC).

Revenue from consulting services was £0.2 million for the year ended December 31, 2016, down from £1.4 million in the previous year as a result of the completion of the final design phase for the project with Energy Technologies Institute, according to Atlantis.

Total expenses for the year 2016 were £9.1 million, a reduction on the prior year of £2.9 million.

Atlantis has reported other gains in the amount of £2.8 million, which, when excluding the one-off items relating to MCT and AOC, were down £0.4 million on the prior year.

The Edinburgh-based tidal energy developer said its consolidated group cash position at the end of 2016 was £10.2 million, including £8.6 million held at MeyGen Limited.

Commenting on the financial results, Tim Cornelius, Chief Executive of Atlantis Resources, said:

“2016 was a very significant year for the Group as we saw the realization of over 10 years of hard work in the energization of MeyGen Phase 1A. At the start of 2017 we were delighted to get confirmation from Ofgem that MeyGen Phase 1A has received full accreditation as a tidal generation plant, ensuring it receives five Renewables Obligation Certificates for each megawatt hour of generation.

“Whilst tidal stream remains our primary focus, we recently announced the creation of a new division, Atlantis Energy, as part of our diversification strategy. This division has had a busy start, signing agreements with partners on offshore floating wind, and tidal barrage projects. 2017 promises to be a year of technological and geographical diversity and advancement as we continue to build this part of the business alongside our latest tidal stream opportunities in France and Asia.”

Cornelius also confirmed the existing sources of European public funding for the next phase of the MeyGen project, known as Project Stroma, would be unaffected by the UK’s the decision to leave the EU.

“In particular, we will continue to benefit from the €37 million of capital and revenue support awarded to the next phase of the MeyGen project, known as Project Stroma. This preserves our opportunity to use this project to demonstrate the cost reducing innovations which are essential to allow tidal power to compete against longer established technologies.”

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