Tuesday, Helius Energy Plc (HEGY.L), a developer of biomass fired renewable electricity generation plants, reported a profit for the first half, reflecting higher finance income.
For the six-month period, the company posted a profit of GBP 19 thousands or 0.02 pence per share, compared to a loss of GBP 1.17 million or 1.66 pence per share last year.
Half-yearly revenues from continuing operations were GBP 554 thousands. The company did not report any revenue for the year-ago period.
Operating loss narrowed to GBP 328 thousands from GBP 1.08 million in the year-ago period. Finance income for the period surged to GBP 347 thousands from about GBP 40 thousands in the foregoing year.
Commenting on the results, Helius Energy interim non-executive chairman, Barclay Forrest, said, "Helius is fortunate in today's difficult market to have a strong cash position, no debt and a pipeline of renewable projects which will deliver long term shareholder value. Looking ahead, our Bristol and Rothes projects are on schedule and we expect to announce a third large site for a renewable energy project before the end of the year."
In addition, Helius Energy said non-executive chairman Alex Worrell notified the board of his resignation to pursue other interests. The company added that it has appointed recruitment consultants to search for a new non-executive chairman and until a replacement is found, Barclay Forrest will assume the role of interim non-executive chairman.
HEGY.L is currently trading at 32.75 pence, up 1.25 pence or 3.97%.
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