ORBITAL MARINE POWER (ORKNEY) PLC

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. ORBITAL MARINE POWER (ORKNEY) PLC 2018-10-10 → present
2. WARNESS TIDAL POWER PLC 2018-09-26 → 2018-10-10

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Significant events

• “In 2025, the O2 turbine experienced quality issues currently attributed to poor supplier testing before delivery of components to Orbital. These issues have led to a reduced production up to the point when the turbine parts can be refurbished. The refurbishment work is ongoing in 2026.”
• “In June 2022, Orbital Marine Power (Orkney) plc successfully completed the refinance of the Abundance Debentures, providing a full return of capital and interest to its over 2,200 investors. The new financing structure provides long term finance for the operational stage of the project.”
• “Part of this included a longer term operational Debenture of £4 million, again raised through Abundance, in a new offer that allows investors to receive an investment return secured against the predictable renewable energy the O2 turbine will generate around 100GW hours over 15 years of operation and backed by income received from the Renewables Obligation Scheme (ROCS) and sale of electricity.”
• “In addition, £4 million of a debt were secured from the Scottish National Investment Bank through Orbital Projects Holdings Limited. In March 2024 additional £1 million debt were secured from the Scottish National Investment Bank to fund upgrades which took longer than expected.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.