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LPE energised on the new financial year

31 October 2022 12:50
ASX: LPE
Solar panels

Locality Planning Energy have started off a transformative financial year with positive operative cash flow reaching $3.6 million dollars at the close of quarter one.

The company has been able to extinguish debts and boost its net cash position to $3.7 million dollars, giving it the foundation to develop its growing strata business and develop vertically integrated renewable energy assets through the rest of the financial year.

It appears the restructuring has paid off, reversing a net outflow of over $3 million dollars from the previous quarter, with improving customer traction in a high-value embedded network business on course to deliver a revenue guidance of $40m for the 2023 financial year.

And the company says its shared solar offering for embedded networks has received an enormous level of enquiries from these high value customers.

The company announced a restructuring in June to deliver $30 million through debt elimination and grow, not just its strata customer base, but the development of the BioHub, a fascinating renewable energy facility set to power cryptocurrency operations and beyond.

The company said it expects the benefits of this metamorphic shift to become increasingly clear over the next two quarters.

“With a highly efficient operating platform now emerging, the board’s strategic intent is to capitalise on this dynamic and create value for shareholders,” chairman Justin Pettett said.

LPE’s Australian Stock Exchange-listed share price has risen 9.62 per cent today, currently trading at 5.7c (12.34 pm UTC+ 8 hours).

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