Esken Ltd - London-based aviation and renewable energy company - Slims annual loss on reduced operating expenses as it expects further revenue growth. For the financial year that ended February 28, pretax loss narrows by 22% to £34.6 million from a restated £44.2 million in financial 2021. Revenue grows to £104.6 million from £101.4 million. Operating expenses cut £102.5 million from £109.0 million.
Other income surges to £8.4 million from £389,000. Part of other income for its financial year 2022 was the exit of a long leasehold property bringing in £1.9 million.
Sees a positive outlook for London Southend Airport, which Esken operates. ‘The business has a good growth outlook and is expected to continue its positive trend supported by long-term index linked contracts and more normalised gate fees,’ says Executive Chair David Shearer. He notes that easyJet PLC has decided to fly to three destinations from London Southend this summer, and Esken is in talks with ‘a number of airlines’ for 2023.
For Esken Renewables, the company expects financial 2023 earnings before interest, tax, depreciation and amortisation to exceed £22 million. This would compare to adjusted Ebitda for the division of £20.3 million in the recent year and £20.0 million in financial 2021.
Current stock price: 8.96 pence, up 1.6% on Wednesday
12-month change: down 73%
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