Half-yearly revenue up 3.2 per cent at Renewable Energy Generation

Group revenue rose 3.2 per cent to 6.5m pounds at AIM-listed Renewable Energy Generation in the six months to December 31st, interim results for the company have shown.

Group revenue rose 3.2 per cent to 6.5m pounds at AIM-listed Renewable Energy Generation in the six months to December 31st, interim results for the company have shown.

The company reported that earnings before interest, tax, depreciation and amortisation (EBITDA) - a widely used measure of a company's operating profit - contracted to £1.4m from £1.6m in the first half of 2012.

Cash inflow from operating activities multiplied to £1.5m compared to an outflow of £0.6m in the first half of 2012.

The company further announced a series of operational highlights including the receipt of planning permission from Cornwall Council for the 10MW St Breock Repower project. Turbines were ordered for 6MW Burnthouse Farm in Cambridgeshire, the group further reported.

Commenting on the results, Andrew Whalley, Chief Executive Officer of Renewable Energy Generation, said: "REG [Renewable Energy Generation] ended the half year with 80MW in the planning system awaiting a decision, testimony to the efforts of our development division to progress projects towards determination."

He added: "Cornwall Council's approval of our project to repower St Breock Wind Farm represents a major success during the period and we anticipate this highly energetic scheme entering construction later in 2013".

Renewable Energy Generation develops, owns and operates renewable energy projects in the UK. It operates through two subsidiaries; REG Windpower and REG Bio-Power.

Renewable Energy Generation's share price was unchanged at 65.75p at 11:47 on Monday morning.

MF

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