REG - Aura Renewable Acqns - Half-year Report

Aura Renewable AcquisitionsAnnouncement

06/09/2024 07:00

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RNS Number : 1520D  Aura Renewable Acquisitions PLC  06 September 2024

Aura Renewable Acquisitions plc

("Aura" or "Company")

 

Interim Results for the six months ended 30 June 2024

 

 

6 September 2024 - Aura Renewable Acquisitions plc, a UK-based company, whose
objective is to invest in the global renewable energy sector supply chain and
thereby build shareholder value, announces its interim results for the six
months ended 30 June 2024.

 

Highlights

 

·      Minimal overheads resulted in a loss before and after tax of
£61,140, EPS 0.6p (loss) (2023: £69,598 and 0.7p (loss).

·      Cash resources of £590.000 at 30 June 2024 (2023: £661,000).

·      Targeting acquisitions operating in the Global Renewable Energy
Sector Supply Chain.

·      Experienced board with extremely strong sector experience and a
clear expansion strategy.

 

·      Good visibility towards potential targets through wide
international network.

 

·      Flexible post transaction market strategy depending on size,
structure, location and tax status.

 

·    Best practice ESG policies will be put in place to support and
encourage sustainability across our business.

 

John Croft, the Chairman of Aura commented:

 

"Aura was established to identify and acquire businesses operating in the
renewable energy sector supply chain, particularly participants in the wind,
solar, biomass, hydropower, carbon capture, waste management, smart grids and
green hydrogen supply chain, and their sub-sectors.

 

"The Company raised £1,050,000 when it joined the Standard Segment of the
Main Market of the London Stock Exchange in April 2022, and since the IPO the
business continues to incur minimal overheads pending identification of a
suitable acquisition target. This is reflected in our net loss before taxation
for the six-month period of £61,928 (2023: £69,598 (loss)), and that at 30
June 2024, we had retained cash and bank resources of £589,531.

 

"The board continues to identify and assess acquisition and investment
opportunities in the UK and overseas, which could offer the quality and
scalability required to achieve significant shareholder growth. We also
continue to engage with the board's extensive business network and introducer
base to promote the Company expansion strategy.

"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 2021, there have been signs of more corporate activity, particularly
at the smaller end of the market during 2024, and M&A is 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. Fortunately, there is a growing willingness
by national governments to focus on sustainable renewable energy.

"With the stated intention to make Britain a clean energy superpower, the new
Labour Government in the UK has committed to work with the private sector to
double onshore wind, triple solar power and quadruple offshore wind by 2030.
This commitment is made with the intention of making the UK more energy
secure, protect consumers from price fluctuations in fossil fuels, and help
drive investment in jobs and businesses in the renewable energy sector, while
seeking to achieve medium- and longer-term carbon reduction targets.

 

"Support for renewable energy remains positive across the UK economy.
Investment in the major, continued restructuring of Britain's electricity grid
to facilitate the transition to renewable energy remains on track. Our
conversations underline sustained support by the institutional investment
community for the energy transition and this is consistent with media
reporting. Installation of both solar PV and heat pumps in UK homes are at
record highs. The UK remains a vibrant market for innovation in low-carbon
technologies. While there is some public and media pushback on the Net Zero
agenda, not least due to higher energy prices, we believe this is taking place
in the normal political discourse, while the underlying drivers for change are
as strong as ever.

 

"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. The renewable energy sector will offer exciting
opportunities for acquisitive and organic growth as capital markets recover,
and we are committed to ensure that the Company and its stakeholders will
share in these opportunities."

 

 Enquiries

 Aura Renewable Acquisitions
 Plc

 John Croft (Non-Exec Chairman)                                  07785315588
 Robin Stevens (Non-Exec Director)                               07787112059

 Media enquiries
 Allerton Communications
 Peter Curtain                                                   020 3633 1730
                                                                 aurarenewables@allertoncomms.co.uk

 

Notes to Editors

Aura was established to acquire and then act as the holding company for
targeted businesses operating in the Global Renewable Energy Sector Supply
Chain, particularly participants in the wind, solar, biomass, hydropower,
carbon capture, waste management, smart grids and green hydrogen supply chain,
and their sub-sectors. These potential targets could range from raw materials
resourcing to power generation, energy storage and recycling. As a consequence
of the new UK Listing Rules introduced by the Financial Conduct Authority,
which came into force on 29 July 2024, the Company has automatically been
included in the shell companies' category of the Official List.

 

Inside Information

 

The information contained within this announcement is deemed by Aura to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014. On the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.

 

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