(Alliance News) - Amte Power PLC on Thursday said that it was well-placed for further growth, despite seeing its loss widen over the course of the financial year.
Amte Power is a London-based developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets.
For the twelve months ended June 30, the company reported a pretax loss of GBP6.0 million, widened from its GBP3.7 million loss a year prior.
This was despite increased revenue, up 10% to GBP2.2 million from GBP2.0 million the previous year.
Over the period, the group continued to develop its differentiated product range, comprised of the Ultra High Power, Ultra Safe and Ultra Prime cells, in line with expectations.
In particular, it noted progress made in trials for the Ultra High Power automotive cell, which has now achieved a consistent full charge time of six minutes and has progressed to manufacturing on commercial scale equipment.
Administrative expenses grew to GBP5.9 million from GBP4.4 million, while finance costs marginally decreased to GBP233,307 from GBP245,893.
The company said that these costs included interest recognised from lease liabilities over right-of-use assets, as well as interest arising from licence obligations that have not yet been capitalised upon.
Looking ahead, Amte Power said there was a "high level" of commercial interest in its products, putting the company in a good position to commercialise on its offerings moving forward.
"I am delighted to have joined Amte Power at such an exciting stage of its growth trajectory. In our financial year ended June 2022, the company recorded a loss after tax of GBP5.8 million, reflecting the investment needed to commercialise our battery cell technology. I am pleased to say that with demand expected to accelerate as the UK goes electric, we expect this investment to deliver significant returns going forward," said Chief Executive Officer Alan Hollis.
"Amte Power has achieved several important milestones during the year including a production contract with the UK Battery Industrialisation Centre, a consistent six-minute full charge time with our Ultra High Power automotive cell and entering into binding heads of terms for Dundee as the preferred site for our first MegaFactory. Together, this puts us in a highly competitive position."
Amte Power shares closed 4.6% lower at 62.00 pence each in London on Thursday.
By Holly Beveridge; hollybeveridge@alliancenews.com
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