Atlantis buoyed by Meygen progress

● Expects to be generating at full output from end of third quarter

into the red last year despite its Meygen project coming on stream.

Results at the end of May revealed that the company, whose financial backers include Scottish Enterprise, saw losses of £7.3 million in 2016 compared to a profit of £2.03m the previous year, although the 2015 figure had included hefty one-off gains.

Despite the deficit, partly caused by reduced income and increased financing costs, chairman John Neill said it had been “another year of world firsts for the group and tidal power” which had seen the company “cement its reputation as the driving force behind a growing sector”.

He singled out first power fromthemeygenprojectafter many years of hard work as the most significant achievement. The first phase of the project has seen four 1.5-megawatt turbines installed but more than 250 turbines producing enough energy to power 175,000 homes could eventually be deployed at the site.

Last month it emerged that Atlantis was looking to develop a major tidal barrage and flood protection scheme south of the Border.

The Scots group revealed that it was in talks with the Duchy of Lancaster as its preferred developer for the proposed Wyre Valley project.