Alternative energy group Kedco lost €4.4 million before tax this year, according to figures published yesterday.

Alternative Investment Market-listed Kedco said revenues in the year to June 30th were up 22 per cent at €11 million from €9 million.

It lost €4.4 million before tax, an increase of 30 per cent on the €3.2 million loss it recorded last year. Net assets at the end of the 12-month period were flat at €21 million.

Kedco said the increase in losses was largely a result of restructuring and extra finance costs that resulted from it taking on more debt.

Kedco’s biggest backer is Farmer Business Development, which also has a major stake in FBD Insurance. The company is planning to build biomass generating plants in Newry, Co Down, and in north London.

It recently secured €11 million in funding from Ulster Bank for the Newry project.