News Column

AFC Energy Pretax Loss Narrows On Revenues And Lower Expenses

June 25, 2014

Tom McIvor

LONDON (Alliance News) - AFC Energy PLC Wednesday said its pretax loss narrowed slightly in the first half of its financial year, thanks to higher revenue and reduced expenses.

The industrial fuel-cell power company said its pretax loss fell to USD2.2 million for the six months ended April 30, from USD2.6 million a year earlier, as revenue increased to GBP455,702, from GBP101,374.

Its revenue increased as it continued to recognise income from an agreement with W2T and Waste2Tricity International Ltd, and was granted income under the some European framework projects.

Cost of sales increased to GBP566,097 from GBP38,362, but it cut administrative expenses to GBP2.2 million, from GBP2.7 million, and also received a share-based payment of GBP209,162, which led to a reduced overall operating loss.

AFC Energy is currently moving from research and development to producing a large scale commercial product that can be used to generate and supply electricity for industrial clients.

"Interest levels in our low cost fuel cell system can be demonstrated by the number, breadth and standing of the organisations with whom we are now engaged. We are active worldwide and are in ongoing dialogue with several prospective partners that should see the debut of AFC Energy's fuel cell across several locations in the short to medium term," Chairman Tim Yeo said in a statement.

AFC Energy shares were down 4.3% to 24.17 pence on Wednesday.

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Source: Alliance News

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