LONDON (ShareCast) - Irish renewable energy developer Kedco has unveiled in-line annual results and proposed a capital reorganisation to follow its operational restructuring this year.

Results showed losses increased from €2.5m to €2.8m as revenues fell from €10.1m to €2.6m at the AIM-listed company, in line with expectations and historically 'lumpy' revenue streams.

Sales in the period were entirely generated from equipment supplied to complete the first phase of a joint venture with major shareholder Farmer Business Developments (FBD) for a biomass project in Newry, Northern Ireland.

The board has proposed a 50-for-one share consolidation and announced it would raise €2m through the issue of a convertible senior loan note to FBD, which currently owns 26.8% of Kedco.

Chairman Dermot O'Connell, who is also a director at FBD, was encouraged by continued favourable policy decisions from UK and Irish governments on support for renewable energy both now and in the future.

“The announcement in a joint statement by both governments in June 2013 on the development of renewable trading between the two countries illustrates this further.”

The group currently has 157 megawatts of potential power at various stages of development, including Newry, and said it would continue to develop and review its project pipeline and focus on its funding requirements “including raising additional project debt and project equity in 2014 and securing additional funds to continue with its activities and its planned development programme”.

Shares in Kedco were down 5.56% to 0.77p at 13:10 on Friday.

OH

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE