Simec Atlantis Energy Limited reported a pre-tax loss of just over £6m in its interim results for the six months ended 30 June 2020.
The £6.1m deficit was almost half of the loss of £11.8m reported for the same period in 2019.
The board said this improvement was largely attributable to strong revenue contributions generated by the Atlantis tidal turbine and engineering services division, together with good performance from the MeyGen project in Scotland (pictured).
Six months of revenue contributions from GHR also added to the improved performance relative to 2019.
Overall, costs were in line with expectations with significant contractors’ costs being incurred in delivery of the subsea hub project and the AR500 turbine for Japan, as well as the ongoing Uskmouth operational costs.
Chief executive Tim Cornelius said: “The impact of COVID-19 on our business, society and personal lives cannot be underestimated and we have all had to find new ways to work and to live.
“I am immensely proud of all the team at Atlantis who have ensured that during these unprecedented times we have continued to make material progress on our important portfolio of projects, where we connect carbon cutting projects with industries looking to ensure that they can reduce their carbon intensity and be at the forefront of the green agenda.
“Each of our business units, being tidal energy, hydro power and power station conversions, have delivered exceptional performance under challenging conditions.”