LONDON (Alliance News) - Camco Clean Energy PLC Monday said its pretax loss narrowed in 2014 despite revenue falling, as a business restructuring improved performance in the US, though this was offset by reduced revenue from realigned African operations.
The company focused on renewable and sustainable energy projects reported a pretax loss of EUR2.3 million in 2014, narrowing from a EUR3.6 million loss in 2013 despite revenue falling to EUR9.9 million from EUR12.3 million.
The loss narrowed due to administrative expenses dropping to EUR7.1 million from EUR9.3 million and a variety of impairments that were made in 2013 that were not repeated in 2014, including EUR783,000 in restructuring costs.
Revenue from its US operations rose to EUR5.3 million from EUR3.3 million following a full years' activity at the Twin Falls Facility, whilst revenue from its African operations fell to EUR1.8 million from EUR2.9 million following realignment and investment towards higher margin activities.
At the end of the period, Camco reported a cash balance of EUR4.1 million.
"In 2014 we consolidated the reorganisation of the business with the objective of building profitable business units in Africa and the US, and developing production units of REDT's energy storage system ready for market deployment in 2015," said the company.
"Our task in 2015 is clear and the outlook very promising. We must focus on bringing REDT's energy storage system to market and establishing the areas where product deployment makes the most economic sense," added Chief Executive Scott McGregor.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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