News & Publications

Press Releases

Audited Results for the year ended 31 March 2014

12 September 2014

IPSA, the AIM and AltX listed independent power plant developer with operations in southern Africa, today announces its audited results for the year ended 31 March 2014.

Highlights:

  • Revenue of £3.7 million (year to 31 March 2013 - £4.3 million)
  • Group profit after tax of £0.4 million (year to 31 March 2013 - £1.9 loss)
  • Plant gross loss of £1.0 million (year to 31 March 2013 - £1.7 million loss)
  • Plant operating loss £1.5 million ( year to 31 March 2013 - £1.7 million loss)

During the year, the remaining two turbines were sold for £16.1 million, including deferred consideration of £3.2 million, which is expected to be received before the end of the calendar year. This sale generated a book profit of £3.2 million and enabled the Company to repay the majority of its borrowings. The Board is now focused fully on developing a strategy of future growth and expansion of power generation in southern Africa.

Commenting, Richard Linnell, Chairman of IPSA, said:

“It was with considerable relief that I was able to report in June that the final two turbines had been sold. The debt and costs associated with these turbines have been a significant drain on shareholder value and with the Group’s borrowings and creditors now substantially repaid, the Board can concentrate on its core business of developing profitable power generation operations in southern Africa.”

Read more: Audited Results for the year ended 31 March 2014

Change of Registered Office

4 September 2014

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that the Company has changed its registered office and business address to: 17th Floor, Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4PQ. 

 

Read more: Change of Registered Office

Operational Update

04 July 2014

IPSA announces that it has secured a short term loan of £500,000 from Radix International Limited for the next 6 months at an interest rate of 1 per cent per month. This will provide working capital until such time as the installation programme for the two Jenbacher gas engines, acquired at the end of 2013 adding 3.4MW at the cogeneration site , is completed which will be by the end of September this year. The engines have arrived in South Africa and are expected to materially add to the profitability of the Newcastle Cogeneration plant bringing the total increase in plant capacity to 40% since the end of 2013. The Company continues to manage its working capital.

IPSA also advises that it is progressing the transfer to Rurelec PLC of the two Siemens Westinghouse 701DU turbines (ex Fiat Avio TG50DS turbines) subject to the sale and purchase agreement entered into on the 10th June 2013. Rurelec is completing arrangements for storage and shipment of the two turbines as part of the agreed hand-over arrangements. The deferred consideration remains outstanding for the time being.

 

Read more: Operational Update

Operational Update

4 April 2014

IPSA is pleased to announce that it has successfully commissioned additional capacity at its Newcastle Cogeneration Site in Newcastle, Kwa-Zulu Natal. The Deutz engine arrived in South Africa in early January and after an intensive 8 week programme completed the installation including all local certification and entered commercial operations on 20 March 2014.  The efficiency of the engine is exceeding earlier projections, making this very cost effective generation on this site.

 

Read more: Operational Update

Correction Announcement: Directors Dealings

26 March 2014

 

The following amendment has been made to the Director's Dealing' announcement released on 26 March 2014 at 09:00 under RNS No 2181D.

The word 'Rurelec' in the second paragraph has been replaced by 'the Company'.

All other details remain unchanged.

Read more: Correction Announcement: Directors Dealings

Claim by Iris EcoPower Sdn Berhad

25 March 2014

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, announces that at a court hearing in Malaysia today, the court accepted an application by IPSA that the Malaysian courts should not have jurisdiction over the claim brought by Iris Ecopower Sdn Berhad ("Iris") as previously announced on 21 November 2013. Iris has thirty days in which to make an application for leave to appeal the matter in the Malaysian Court of Appeal.  The Court also awarded the costs in favour of IPSA.

Read more: Claim by Iris EcoPower Sdn Berhad

Half Yearly Report 2013

20 December 2013

Unaudited Results for the 6 month period ended 30 September 2013

 

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces its unaudited interim results for the 6 month period ended 30 September 2013.

 

Highlights:

 

  • Revenue of £2.1m (2012 - £2.5m) comprising electricity sales of £1.5m (2012 - £2.1m) and steam sales of £0.6m (2012 – £0.4m)
  • Group profit after tax of £1.96m (2012 - £1.3m loss), after recognising profit of £3.2m on sale of turbines
  • Plans for expansion of plant in South Africa progressing well.

 

Read more: Half Yearly Report 2013

Claim by Iris Eco Power Sdn Berhad

21 November 2013

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, today announces that Iris Ecopower Sdn Berhad ("Iris"), the Malaysian company with which it entered into a contract to sell two of its Siemens Westinghouse turbines in October 2012, has issued a claim against IPSA in the Malaysian courts for the recovery of US $3.1 million paid by way of deposit to IPSA plus costs and consequential losses amounting to approximately US $9.8 million in total.  Iris failed to pay IPSA the balance of the consideration due, in spite of being granted time extensions by IPSA, and the deposit was forfeited in accordance with the terms of the contract signed by Iris and IPSA. The contract is governed by English law.  Based on legal advice previously obtained, the Board of IPSA considers the claim to be entirely without merit.  The board is taking further legal advice on this matter.

Read more: Claim by Iris Eco Power Sdn Berhad

Addition of New Generation Capacity in South Africa

21 November 2013

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, today announces that, as part of its further expansion plans, its Newcastle Cogeneration subsidiary ("NewCogen") has entered into a contract to acquire two high efficiency Jenbacher 616 gas engines of 2 MW capacity each which, allowing for de-rating due to site conditions in Newcastle, KZN, will provide an additional 3.8 MW of capacity for selling power under NewCogen's existing MTPPP power contract with Eskom.

Read more: Addition of New Generation Capacity in South Africa

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