Helius Energy sees six month profits

Biomass plant specialist Helius Energy has announced that it has seen profits for the last six months to 31 March 2009, and has projected expansion plans to add a third multi-million-pound plant to its portfolio.

The UK-based company has reported an £18,000 (€20,824) profit up from a loss of £1.6 million at the same point last year. The company believes it is now in a strong position to extend its operations in the biomass market.

The company’s sale of its first project to the renewable energy arm of the power group RWE, RWE Innogy, generated almost £30m last year taking Helius’ sales to £554,000 from zero a year ago.

The company’s interim non-executive Chairman, Barclay Forrest, announced that the company was ‘fortunate in today’s difficult market to have a strong cash position, no debt and a pipeline of renewable projects’. Forrest also claimed that plans for it’s Bristol and Rothes projects were on schedule and a third renewable energy project is expected to be announced before the end of the year. Despite announcing that its profits would not see the same results over the coming half year.