Renewable energy firm plans to grow organically and increase workforce
Revenue at renewable energy company Myriad CEG jumped more than 50% last financial year after it acquired wind turbine, solar panel and heat pump businesses, and it plans to almost double its revenue this financial year.
In unaudited results for the financial year to 31 March, revenue was £11.5m, up from £7.4m for the previous year. However the company was pushed into a £500,000 loss because of acquisition and reorganisation costs.
Had it owned the new divisions for the full year, the turnover would have been £15.5m, but the company is now planning to increase this organically to £28m and add 30 staff to a workforce of 100 this financial year.
The company installs biomass boilers, solar panels, wind turbines, and ground and air source heat pumps for commercial buildings including schools, hospitals and offices.
Steven Edmund, managing director, said that the renewables market was becoming increasingly crowded.
“It’s tougher out there, lots of competitors are coming into the market,” he said.
He said that the firm would not be hit by the government’s decision in March to cut the value of feed-in tariff subsidies by 40-70% for projects over 50kW because most projects were either below that size or were a condition of planning permission.