(Alliance News) - Verditek PLC on Monday said its interim loss was wider in the first half of 2020 due to higher administrative and finance costs.
Shares in Verditek were down 12% at 11.88 pence in London in midday trading.
The London-based solar panel company posted a pretax loss of GBP918,177 for the six months ended June 30, widened - though not substantially - from GBP898,648 the previous year.
This was due to a 2.0% rise in administrative expenses to GBP843,354 from GBP826,512 as well as a 3.5% rise in finance costs to GBP74,875 from GBP72,316.
As at June 30, the company had cash reserves of GBP580,000 after raising GP1.45 million of new equity in the six month period.
Of the Solar division specifically, Chief Executive Rob Richards said: "The outbreak of Covid has certainly refocussed governments around the world to rethink their choice of electricity generation methods and their clean fuel focus, both of which have started to help Verditek. However, some of the development programmes that we were involved with in Europe have been delayed due to the Covid pandemic and with a number of research and development facilities unable to operate some of the trials have been postponed."
In terms of outlook, Richards said: "Overall, the board believes Verditek has an excellent combination of an innovative, technologically advanced product and an increasing portfolio of opportunities ahead. We look forward to delivering profitable projects in the fast-growing green energy space."
By Anna Farley; annafarley@alliancenews.com
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