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LONDON (Alliance News) - Powerhouse Energy Group PLC on Tuesday posted a wider pretax loss for 2014, hit by restructuring costs related to a difficult relationship with its partners in Europe, which forced it to abandon the development of one of its technologies and to wind down operations.
Powerhouse said its pretax loss for the year was GBP2.5 million, compared to a GBP678,462 loss a year earlier. The loss was attributable to higher administrative and restructuring costs the company incurred in the year.
Powerhouse said 2014 was a disruptive year for the company, hit by a poorer-than-expected relationship it has endured with suppliers and operational partners in Europe, which caused it to abandon any further development of its Pyromex technology and, post the period end, to wind down its operations in Germany and Switzerland.
"The opportunities for the company continue to grow with inquiries coming from many countries. The board believes the company is approaching a position when we can begin to take advantage of these opportunities for the first time, and I look forward to reporting on developments in the coming year," said Chairman Keith Allaun.
Powerhouse shares were untraded Tuesday, having last traded at 1.30 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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