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APC Technology Group

  • BY: Andrew Hore |
  • POSTED: 18/08/2015 |

Energy efficiency and water quality services provider APC Technology Group has disappointed the market with news that its Minimise Energy operations have not been as profitable as hoped. 

When Cantor Fitzgerald initiated coverage in May it was expecting a small loss on revenues of £32.9m in the year to August 2015. The trading statement at the end of July, when APC acquired energy efficiency verification services provider EEVS for £164,000 in shares at 16.675p each, stated that trading was in line with expectations.

Excessive freight and other charges have hit the margins on delivering contracts on time. On top of this, Minimise Generation has failed to win any contracts because the changes in government policy for renewables. There was a £1m contract but this has been delayed. Lower energy prices have also hampered business in America. 

Revenues will be in line with expectations but profit will not. Current debt facilities should be sufficient.

APC chairman Leonard Seelig is leading a review of operations, which should be completed before the end of the year.

At 11.88p a share, down 4.38p, APC is valued at £10.9m.

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