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Mast Energy Developments (LSE:MAST) experienced a 6% rise in its shares following an update on the revenue performance of its Pyebridge 8.1MW flexible power generation asset. The company reported a 16% increase in the final revenue figure for July, bringing it to £66,000. The preliminary revenue estimate for August stands at £46,000, although this does not yet include Imbedded Benefits, which contributed to the revenue boost in July.
The company also highlighted a significant improvement in its gross profit margin, which has reached 57%. During August, the price achieved for electricity sales surpassed the market price by approximately 75%.
Pyebridge has already achieved a positive cash flow, and progress on refurbishing its second 2.7MW genset is proceeding as planned. Mast Energy intends to submit an application by the end of September for a capacity contract of up to 8.1MW.
Pieter Krügel, the chief executive, expressed satisfaction with the performance of Pyebridge's first 2.7MW refurbished genset. He noted a 16% increase in July's final revenue and an improvement in both gross profit margin and market performance. Krügel also mentioned that Pyebridge’s performance has validated the site as a pilot for optimizing and proving the business model.
This successful performance at Pyebridge provides a solid framework for replicating the model at additional sites, with a long-term goal of reaching over 300 MW of generating capacity. The company has demonstrated an average revenue per MW per month of around £21,000 based on the actual results for July and August.
Mast Energy Developments looks forward to providing further updates on the ongoing performance of its assets. Shares in the company rose by 0.01p to 0.18p in response to the positive report.
