Irish Kedco reports wider preliminary FY 2010/2011 loss

Nov 18, 2011 - Ireland-based waste-to-energy company Kedco plc (LON:KED) yesterday unveiled preliminary results for the financial year to the end of June 2011, showing a loss of EUR 4.5 million (USD 6.1m), higher than the EUR-3.2-million loss in the previous year.

The company said the widening in loss was mainly a result of one-off restructuring costs and higher financing costs as it took on more debt.

Revenues rose to EUR 11.1 million from EUR 9 million.

Chairman Dermot O'Connell said that during the 12 months the company had continued to progress towards its objective of developing biomass power and heat plants. O'Connell said the board had focused on securing financing for the company's 4-MW biomass electricity and heat generation plant in Newry, Northern Ireland. An agreement for loans of up to GBP 9.44 million (USD 14.9m/EUR 11.1m) to complete the development and commissioning of the plant was signed on November 14.

Kedco had also continued to work on the development of its 12-MW plant in Enfield, north London, and had called tenders for the main engineering, procurement and construction contract for the project, O'Connell said.

(GBP 1.0 = USD 1.583/EUR 1.171)

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