Aura Renewable Acquisitions PLC said on Friday that its annual loss has narrowed, following the reduction of ‘economic and political uncertainty’ affecting markets.
The London-based acquisition company for businesses operating in the renewable energy sector said pretax loss for the six months ended June 30 has narrowed to £61,140 from £69,598 at the same time last year. Cash resources were down to £590,000 at the end of the period, falling 11% from £661,000 a year prior.
Chair John Croft said: ‘Economic and political uncertainty has helpfully reduced during the year to date, as has inflation, and interest rates are beginning to edge down. While capital market and new issues activity has been generally depressed since November, there have been signs of more corporate activity, particularly at the smaller end of the market during 2024, and [mergers & acquisitions] is now more buoyant. The now widespread acceptance and understanding of the danger of global warming on populations, habitats and landscapes continues to underpin our business strategy and economic rationale.
‘We have been cautious in our targeted and considered approach to our first acquisition, particularly during a time when the ability to raise finance on capital markets has been severely restricted by investor caution and economic uncertainty. We have sought to identify a transformational target that can create a meaningful contribution in the renewable energy space, and this remains our intention.’
Shares in Aura Renewable were up 8.9% to 5.99 pence each in London on Friday afternoon.
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