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Thanks expat, that makes sense although the losses still seem very high. I would hope that they would be a fraction of that in 2020 with the objective of now raising money/negotiating with their partners etc
The RNS didn't say anything we didn't already know. We all know that huge investment is required moving forward and full commitment from partners and UK government is essential. We all know that biofuels is the future and is one of the reasons institutions hold over 65% of the company excluding RA. As things progress, interest and demand for shares will increase but trading profit is a long long way off. It wouldn't surprise me if a takeover was on the horizon after proof of concept
They are all highly paid executives being paid via your share purchases from placings. A **** ton is probably spent on business development, which includes expensive consultants. It’s an expensive, non revenue making business - at least for now.
How can they make these kind of losses when they aren't operating with many staff? It's as if they have 100 staff to be paying millions on salaries. I would like to know what salaries they earn
Final results for the year ended 31 December 2019
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce its final audited results for the year ended 31 December 2019.
Highlights
· Fund raise of £7m (before expenses) in July 2019 and an additional fund raise of £21m (before expenses) in July 2020.
· Altalto Immingham Project strategic partners, British Airways and Shell, commitment of £2.8 million in July 2019.
· Revenue of £0.3m (2018: £0.7m).
· Operating loss of £9.6m, before exceptional items including a credit of £0.1m related to impairments (2018: loss of £18.6m before exceptional items of £10.1m).
· Administrative expenses before exceptional items reduced significantly to £9.9m (£9.8m after exceptional items) compared to 2018 £19.1m (£29.1m after exceptional items).
· Loss before income tax of £10.0m before exceptional items including a credit of £0.1m related to impairments (2018: loss of £20.0m before exceptional items of £10.9m).
· Cash at period end £4.8m (31 December 2018: £7.0m).
· Amended Red Rock Biofuels licensing contract in February 2019 with delivery of the first reactor in Q4 2019 and completion of delivery of the other 3 reactors in H1 2020.
· Planning application for a commercial waste to fuel plant submitted to North East Lincolnshire County Council for the Altalto Immingham project.
· Contracted, manufactured and now delivered Fischer-Tropsch (FT) reactors and catalyst to Toyo Engineering Corporation (Toyo) for use in a biomass-to-jet fuel demonstration facility in Nagoya, Japan.
· Bayou Fuels project set to produce negative emission fuels after signing Carbon Capture Utilisation and Storage (CCUS) agreement with Oxy Low Carbon Ventures.
· Appointed Worley (EPC) to manage delivery of our technology globally.
· Licensors on-board include: TRI, Arvos, Air Liquide, Linde and Haldor Topsoe A/S.
· Velocys classified as a Green Economy Issuer by the London Stock Exchange.