Solid winter sees Aggregated Micro Power lift revenue guidance

Distributed energy company Aggregated Micro Power Holdings issued a positive trading update for the 12 months ending 31 March on Tuesday, revising its revenue guidance up in light of positive trading during the colder months.

The AIM-traded firm previously issued guidance on group revenues being in excess of £30m for the 12 months.

However, on Tuesday it said recent positive trading during this winter season had now caused it to revise that guidance to around £40m of revenues for the period.

Further guidance would be given when the company issued a pre-close trading statement during May.

Additionally, Aggregated Micro Power said that following the acquisition of Billington Bioenergy and the customer base and wood pellet assets of CPL Distribution, it was now intended that those would be fully integrated into Forest Fuels on 1 April.

There would be some non-recurring costs relating to the re-branding, asset write-offs, some internal management changes and various depot closures which would take effect from 1 April, the board explained.

In accordance with generally-accepted accounting principles and practice, the company said it would recognise the integration and restructuring costs as non-recurring items in its year end accounts, where permitted.

“I am pleased to report an uplift in our target for full year revenues,” said chief executive Richard Burrell.

“Our business continues to grow and the restructuring of our fuels business under the Forest Fuels brand should provide us with a strong platform for future growth in 2018 and beyond.”