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Smart meter company Calisen said losses widened by a quarter as higher revenue was offset by a decline in margins amid higher costs.
For the year ended 31 March 2020, pre-tax losses widened 25% to £82.2m on year, while revenue increased 28.7% to £208.8m.
The rate of installation of revenue generating meters had been lower in the first quarter of 2020 with a net increase of approximately 150,000 smart meters compared to approximately 423,000 during the fourth quarter 2019, the company said.
Underlying earnings (EBITDA) margin decreased by 8.5% to 83.3% in 2019, with the majority of the decrease attributable to the consolidation of Lowri Beck into the group's financial results,' the company said
Capital expenditure for the group increased by 60.8% to £274m.
Looking ahead, the suspended guidance for the installation of smart meters suspended due to the impact from the Covid-19 pandemic, and said Lowri Beck was expected to be loss making at operating level in 2020.
At 9:44am: (LON:CLSN) share price was +4.3p at 184.3p