No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Metlen Energy and Metals on Thursday posted better-than-expected annual earnings despite project cost overruns and delays.
Core earnings for the year to December came in at 753m, down 30%, but better than the revised 750m forecast in February when the company had to slash estimates, citing unexpected cost overruns and the delayed closing of certain transactions.
Metlen added that on an adjusted basis profits would have exceeded 1bn without the project issues and the decision to not monetise some legal claims it had outstanding.
The main problems were at the Protos project in the UK which will process 500,000 tonnes of non-recyclable waste annually, generating 49.9 megawatts of electricity-enough to power up to 90,000 homes.
"In line with its track-record of safeguarding shareholder interests, Metlen successfully completed the irrevocable partial monetisation of a legal claim in 2025 for 130m," the company added.
"Metlen holds a number of similar legal claims arising from its ordinary operations and may monetise part of these claims while retaining the upside upon final resolution."
The London and Athens listed company last month delayed publication of the numbers by nine days on the request of its auditors, sparking a fall in its share price.
Reporting by Frank Prenesti for Sharecast.com
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.