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Solar panel firm reports 10-fold rise in turnover

RENEWABLE Resources (Energy Solutions) has reported a 10-fold increase in turnover as corporate customers flocked to install solar panels.

The New Lanark firm recorded £21 million of income in the 12 months to the end of June this year, up from just £2m in the previous period.

Around 80% of the revenue booked was from commercial and business customers.

The business has benefited from winning a contract to install solar panels on Sainsbury's stores and has since completed more than 100 projects for the supermarket giant.

Pre-tax profit was said to be at £1.5m, which is far ahead of the retained profit of almost £52,000 reported in annual accounts at Companies House for the previous financial year.

The business, which sponsors Albion Rovers, is now predicting turnover will be in the region of £25m in the current trading period.

Sales from an office in the United States, established earlier this year in Stamford, Connecticut, have now topped $1m (£627,000).

Managing director John Devlin said: "It has been some year for Renewable Resources and we are delighted with the success of the company, but more importantly what it tells us is that individuals and organisations are becoming aware of the possibilities of solar power both financially and environmentally.

"And as traditional fuel bills continue to rocket people will become more amenable to alternative and renewable fuel methods."

Renewable Resources, founded in 2008, employs 60 staff across its head office and a subsidiary base in Milton Keynes. It also has a network of contractors across the UK.

Around 20% of the work it undertakes is in Scotland.

Mr Devlin said the company was still trying to educate people on the UK government-backed feed-in-tariff (FIT) regime which gives people a set level of payment for the energy they produce.

He added: "You can be paid for the electricity you generate, even if you use it yourself."

The business is chaired by former John Menzies and BeCogent executive Dermot Jenkinson, while founder Paul Gribben is chief executive. Mr Devlin was on the board of call centre company BeCogent with Mr Jenkinson.

Other clients of Renewable Resources include the Scottish Prison Service, Tayside Police and Renfrewshire Council.

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