Atlantis Resources posts loss in 'significant' 12-month period

Atlantis Resources has reversed to full-year loss in what it described as a "significant" 12-month period for the company.

At the start of 2017 it got confirmation from Ofgem that MeyGen Phase 1A had received full accreditation as a tidal generation plant, said chief executive Tim Cornelius.

This ensured it received five Renewables Obligation Certificates for each megawatt hour of generation, said Cornelius.

Atlantis -- a vertically integrated turbine supplier and project owner in the tidal power industry -- also said it was reassured by confirmation that its existing sources of European public funding for UK projects would be unaffected by the Brexit vote.

"In particular, we will continue to benefit from the €37 million of capital and revenue support awarded to the next phase of the MeyGen project, known as Project Stroma.

"Whilst tidal stream remains our primary focus, we recently announced the creation of a new division, Atlantis Energy, as part of our diversification strategy."

For the year to 31 December 2016, the company reversed to a pre-tax loss for the year of £7.3m, having returned a profit of £2.0m a year earlier.

At 10:56 BST, shares in AIM-quoted Atlantis were flat at 45.5p each.