Long-term energy storage firm Corre Energy has reported pre-tax profits of €2m for the six months to the end of June, up from a pre-tax loss of €9.9m the same time last year.
Corre Energy said this was mainly related to the positive €5.8m impact of finance expenses, which related to the revaluation of share options embedded in the Italian Energy Efficiency Fund II financing agreement and a €2m tax credit.
The company said its half year operating loss of €5.9m was a small reduction on last year's €6.5m out-turn.
It said its net cash at the end of the period was €0.3m, which has since increased by €1.1m from the balance of the equity raise in July and the successful completion of the funding facility of up to €5m at the end of August.
On August 30, Corre said it had successfully concluded a loan facility for up to €5m with a group of existing significant shareholders.
The purpose of this is to provide immediate funding to the company for ongoing operating expenses, working capital and capital expenditures in existing projects.
Following an operational review, Corre Energy said it has initiated a consultation process that may lead to the redundancies alongside potential operational expenses saving.
The company has operations in Germany, the Netherlands, Denmark and in West Texas in the US.
