2 March 2021 | 09:04am
StockMarketWire.com - Energy company Calisen reported narrower annual losses as higher revenue and lower costs boosted performance.
For the year ended 31 December 2020, pre-tax losses narrowed by 79.1% to £17.2 million year-on-year as revenue increased 18.8% to £248.1 million.
The company hailed the turnaround of Lowri Beck, after incurring costs of just £1.7 million, well below the restructuring reserve that was set at £3.5 million. We were able to retain a larger workforce than predicted at the time we made the provision and the cost per role lost was lower than expected, the company said.
Looking ahead, the company said that while COVID-19 delayed smart meter installations in 2020 but has not changed the expected total portfolio at the end of the smart meter roll-out which amounts to 13.2 million meters.