25 May 2012

Sun sets for Acta shares

18/03/2011 Robert Tyerman

Sellers have wiped 41 per cent off the value of Italian clean energy play Acta (ACTA) after the termination of a key contract. Based in Pisa and quoted on AIM, the company has warned its 2010 results will be 'materially below market expectations', following the decision by US group SPF Energy to terminate a conditional 900,000 (£750,000) agreement to buy photovoltaic (solar power) project authorisations, a move which also casts doubt on prospective purchases of buying energy performance certificate services from Acta.

The company, which lost 2.4 million in the first half of last year, has also experienced delays in consents for projects approved and sold for 2.5 million in December and warns it will be unable to recognise the revenue and profit value of these sales in its 2010 figures. Acta blames these setbacks on tariff changes and regulatory uncertainty in the Italian market, leading to the 'temporary' suspension of financing for the country's photovoltaic sector.

Floated at 125p six years ago, Acta shares have collapsed 15.75p today to 22.25p, a fraction of levels reached soon afterwards and down from a 12-month high of 75.75p. Valuing the company at £10.5 million, they should be avoided, at least until the outlook becomes clearer.

Tags: AIM market, Italy, Profit warning, Solar power

Sector: Electronic & Electrical Equipment

Companies: Acta

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