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(Alliance News) - AFC Energy PLC said on Wednesday its annual loss widened, but it noted increased investment in its facilities, team and products.
In the financial year that ended October 31, AFC Energy reported a widened pretax loss of GBP10.4 million from a GBP4.8 million loss the previous year. Cash absorbed by operations and investing activities totalled GBP10.7 million, up from GBP4.1 million.
AFC Energy explained that this directly reflected its increased investment in its facilities, the growing the quality and quantity of its team, and product roadmap.
The Surrey, England-based developer of alkaline fuel cells generated GBP592,800 in revenue, versus none in financial 2020.
To date, the company has contracted commercial agreements worth GBP5 million.
Looking forward, AFC Energy said it expects commercial agreements in financial 2022 to take several forms, including outright fuel cell system sales or leases, funded customer product development programmes, and engineering fees.
Chief Executive Adam Bond said: "In 2021 we established a stronger platform for accelerating growth. We strengthened our balance sheet, increased our manufacturing capabilities, recruited a number of talented leaders and, most importantly, materially expanded our product range to offer solutions with reduced footprints and compatibility with a range of fuel sources. We are already seeing this feed through into an increase in contracted revenues."
Shares in AFC Energy were down 1.8% at 36.40 pence on Wednesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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