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Losses rise at Cinpart
Voltage reduction specialist Cinpart is partnering with Scottish and Southern Energy after annual losses of £1.2 million.
The AIM-quoted electrical components maker, whose 2009 deficit was up nearly 250 per cent, increased turnover 45 per cent to £2.9 million last year and is changing its name to Active Energy, which is currently its new subsidiary whose voltage optimisation technology cuts unnecessary energy consumption and carbon emissions at commercial buildings.
Active Energy made a six-month contribution of £1 million to overall turnover in 2009, but the profitability of Cinpart's traditional business suffered from price competition in tough markets, adverse currency movements and exceptional costs from share-based payments.
The company, which plans to offer shareholders a one-for-20 bonus share issue, raised £2.5 million during 2009 in placings to support the development of Active Energy, which formed a strategic alliance early this year with Southern Electric Contracting, part of the Scottish and Southern Energy group. Cinpart says this link is ‘already proving beneficial' and has today announced a memorandum of understanding with County Executives of America, representing elected leaders of 700 US counties, to help Active Energy’s expansion drive across the Atlantic.
Chief executive Kevin Baker says the company has been transformed by establishing a presence in voltage optimisation, a ‘young and exciting market being driven by both environmental and legislative pressure to reduce energy consumption and the cost reductions the technology brings’. At 9.25p, down from a year’s high of 20p, the shares value the company at £8 million and offer long-term growth possibilities.
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