Atlantis Resources reports on six months of dealmaking

Vertically integrated turbine supplier and project owner in the tidal power industry Atlantis Resources announced its unaudited interim results for the six months to 30 June on Friday - its first under its new reporting currency of sterling.

The AIM-traded firm’s cash position at period end was £13.2m, up from £12.3m at the start of the period, including £7.7m held at MeyGen, down from £7.9m.

Group total equity increased to £103.1m over the six-month period, from £91.7m.

In April the company raised £6.5m before expenses from new and existing shareholders to fund project development activities across the Atlantis portfolio and to secure opportunities for portfolio growth.

“The first half of 2016 has been full of positive developments for Atlantis and it is extremely exciting to see the first phase of the world's flagship project, MeyGen, progressing towards first power in the second half of the year,” said chief executive Tim Cornelius.

“Our team's efforts were recognised and rewarded when we welcomed the First Minister of Scotland and the Minister for Business, Innovation and Energy to Nigg Energy Park for the official unveiling of MeyGen in September.”

Cornelius added that the first half of 2016 saw the company close “groundbreaking” deals, strengthening its offerings across all of our key areas of business including project development, project financing, project delivery and operation.

“We welcome leading utility ScottishPower Renewables, leading infrastructure fund Equitix and world renowned offshore contractor DEME as key partners to Atlantis and we look forward to working with them to build out our extensive tidal power project portfolio across the United Kingdom.”

At 1422 BST, shares in Atlantis Resources were down 0.68% at 72.01p.