LONDON (Alliance News) - Energy storage firm redT Energy PLC's shares fell on Thursday as the company reported a wider loss for 2017 as it expanded operations despite revenue growth.
Shares were down 6.7% on Thursday at a price of 7.00 pence each.
redT's pretax loss widened to EUR8.2 million from EUR5.8 million in 2016, as revenue increased to EUR11.8 million from EUR10.8 million.
The main driver of the wider loss was a rise in administrative expenses to EUR11.5 million from EUR7.9 million.
The company said results met expectations, in a year in which it invested "heavily" in redT functional teams, key facilities, and developing its storage machine technology.
Headcount more than doubled to 60 people from 24 over 2017, and during the period it brought its commoditised, pure vanadium flow machine onto the market, securing 43 unit orders across the world.
redT said the energy storage market continues to expand "rapidly" worldwide and as a result the company's pipeline has continued to grow, though it said converting this into new sales is not a fast process.
Looking ahead, redT said 2018 will see it continue to build as it targets the release of its third-generation new system.
