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(Alliance News) - Powerhouse Energy Group PLC on Thursday posted a narrowed interim loss as administrative expenses and cost of sales fell.
Powerhouse is a Bingley, England-based hydrogen from waste plastic producer.
Pretax loss in the half-year to June 30 narrowed to GBP899,367 from GBP1.1 million a year ago. Revenue contracted by 5.5% to GBP352,713 from GBP373,306. This fall in revenue was more than offset by falling cost of sales, which decreased by 23% to GBP272,808 from GBP356,530.
Further, administrative expenses decreased by 5.8% to GBP1.05 million from GBP1.12 million. The hydrogen producer also benefited GBP21,434 in net finance revenue, up from GBP403, on top of a gain on a share of associate of GBP49,694 versus none a year prior.
Looking forward, the firm stated that "there is much work to be done in the development of our projects as we continue on our path to commercial implementation."
Interim Chair & acting Chief Executive Officer Keith Riley commented: "With the refocusing of our strategy and additional flexibility of our business model implemented, we are encouraged to see increased levels of interest on an international level in the Powerhouse proposition. Post period end we have announced that we have signed two heads of terms with Hydrogen Utopia International PLC, for two projects outside of the UK; one in Ireland and the other in Poland. Both of these territories are key markets for Powerhouse as they give the company positioning within the EU from where further business expansion can be made.
"Poland is a European leader in revitalising its economy towards net zero carbon emissions, while Ireland is in the process of establishing its hydrogen strategy with view to becoming a major player in the emerging hydrogen economy."
The report comes two days after Powerhouse said it will build a joint venture hydrogen facility in Konin, Poland, paying EUR500,000 to partner Hydrogen Utopia.
Powerhouse shares rose 5.6% to 1.90 pence each in London on Thursday afternoon.
By Tom Budszus; tombudszus@alliancenews.com
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