Aggregated Micro Power : Clean energy group AMP has reported a 100% increase in turnover and profit

AMP, which owns Forest Fuels, Billington Bioenergy and has a majority share in HWEnergy, saw Group revenues increase to £43.2m (from £19.7m for the year to 31 March 2017) and gross profit increase to £9.5m (from £5.5m the previous year) during the last year.

AMP is a market leading biomass fuels supplier and now offers an end-to-end service which includes funding, developing, servicing and providing fuel supply for biomass installations throughout the UK. It has also developed one of the largest biomass boiler portfolios which is owned by Aggregated Micro Power Infrastructure 2 plc ('AMPIL').

AMP has also successfully moved into the flexible generation market, developing and operating facilities providing electricity when and where it is most needed. Its Grid Balancing development business and specifically its Urban Reserve sites are at the forefront of the changes needed to address intermittency issues from solar and wind especially in urban areas like Greater London.

Highlights for the year include:

• The wood fuels business saw £40m of turnover, making it the UK's leading supplier of premium grade, RHI compliant, wood pellet and wood chip serving nearly 4,000 customers and servicing 900 boiler systems.
• In May 2018 AMP assisted AMPIL to raise £29.5m to finance AMP's pipeline of clean energy projects. This includes new boiler installation, boiler buybacks and other clean energy assets.
• AMP has developed 70MWs of new grid balancing sites and successfully operated a 21MW and a 3MW peaking plant, providing flexible generation at times of peak demand

AMP increased its investment in IncubEx, an incubator for exchange traded products, services and technology solutions, taking its shareholding to 29.1%. Ørsted has recently joined AMP as a co-investor in IncubEx.

Richard Burrell, Chief Executive Officer of the AMP Group, said:

'Our company continues to develop at a frenetic pace. The highlights of the year were the completion of two further acquisitions and an increase of circa 100% in both turnover and net profit. We are exceptionally busy and 2018 promises to be an equally exciting year.'

'Looking forward, we see significant potential in the heat and power markets as well as future investment opportunities in the evolving energy market. Our focus will remain on the provision of, and investment in, clean energy projects to help UK business decarbonise and unlock the benefits of decentralised energy.

'AMP is continuing research and development into the evolving energy market and considering opportunities in EV charging, infrared heating, battery storage, renewable electricity supply, green gas and CNG.'

'The expansion of our wood fuels business has been one of the key value drivers which has led to significant business growth, with AMP now spanning the small scale renewable heat and power sector.'

'AMP's wholly owned subsidiary Forest Fuels recently won the prestigious Company category at the British Renewable Energy Awards for the company who has done the most to advance UK renewables.'