Energy group in hunt for funding

Renewable energy group Kedco is looking for fresh funding to continue developing its biomass power plants.

The Cork-headquartered, AIM-listed company reported interim results for the six months to Dec 31, 2011, which showed pre-tax losses at the company decreased to e370,000 (first half 2010: €1.4m) due to overhead cost reductions.

The company reported a gross profit of €1.06m (€1.3m in first half 2010), reduced due to a decrease in the market price of sawn timber plus a decision to hold finished goods in inventory until Q1 2012.