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Audited Results for year ended 31 March 2015

15 March 2016

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 2015.


  • Revenue of £3.6 million (year to 31 March 2014 - £3.7 million)
  • Group loss after tax of £6.9 million (year to 31 March 2014 - £0.4 Profit)
  • Plant gross loss of £4.6 million (year to 31 March 2014 - £1.0 million loss)
  • Plant operating loss £4.8 million (year to 31 March 2014 - £1.6 million loss)
  • Post balance sheet disposal of all subsidiaries for total consideration of £1.9m

The accounts have been prepared on a “going concern” basis resulting in an adverse opinion from the auditors due to a differing view than that of the directors.  The Company is reliant on the forbearance of its creditors whilst it seeks to realise its assets being principally the balance of plant held for sale and its receivable from Rurelec PLC. Whilst there is no formal agreement with the Group’s principal creditor Ethos Energy or any other creditor for a moratorium on the amounts now due the board believes it will be able to realise sufficient proceeds from the sale of its assets and realisation of its debtors due to repay all of its creditors. However there can be no certainty that this will be the case and the risk remains that should this not be achievable in the time required that the Company may need to apply for administration.

It is the directors’ intention to focus on the realisation of its assets and repayment of its creditors. Following the disposal of the groups operating subsidiary in February 2016 the Company is now an Aim Rule 15 cash shell and the Company is seeking an acquisition constituting a reverse takeover.

The Company's shares have been suspended from trading since 23 September 2015. Trading in the shares will continue to be suspended as the Company has not published its interim results for the six months ended 30 September 2015 in accordance with Aim Rule 18 which were due by 31 December 2015.

The Company is looking to publish the interim results as soon as possible.

The Group’s financial statements will be posted to shareholders today and are now available on the Company’s website at together with the notice for the Company’s AGM, which will be held at 10.30 am on 7 April 2016 at 17th Floor, Millbank Tower, 21-24 Millbank, London SW1P 4QP.


For further information contact:

Mark Otto, Acting CEO, IPSA Group PLC

+27 (84) 219 2000

Peter Earl, Director, IPSA Group PLC

+44 207 793 5600

James Joyce and James Bavister, WH Ireland Ltd (Nominated Adviser and Broker)

+44 (0)20 7220 1666

Riaan van Heerden, PSG Capital (Pty.) Limited, (South African Sponsors)  

+27 11 797 8400

Or visit IPSA's website:


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