Ceramic Fuel Cells Share News (CFU)

Australian alternative energy developer Ceramic Fuel Cells revealed widening annual losses after it booked significant impairment charges related to losses on financial investments."The company is taking legal action to recover losses suffered when the Company's funds were invested in a range of structured financial products," it confirmed.The Melbourne based group, with operations in the UK and Germany, reported an EBIT loss of £23.5m for the year ended 30 June 2009 from a loss of £13.4m before. Sales revenue from customers rose 172% to £840,000. Operating costs, before impairment charge, fell 12.2% to £10,604,000. "Board and Management are focused on achieving a 'cashflow breakeven' position as soon as possible, whilst managing the challenges of introducing a new product into the market, and in particular the transition from product development to manufacturing and sales," the group said in a company statement."The company will also look to generate revenue from selling advanced ceramic powder products from its UK plant," it added