Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVLS.L Share News (VLS)

  • There is currently no data for VLS

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Velocys Focused On Delivering Reference Plant In 2016 As Loss Widens

Wed, 30th Sep 2015 12:29

LONDON (Alliance News) - Velocys PLC on Wednesday said it is focused on delivering its commercial reference plant in the US in the first half of 2016 while reporting a wider pretax loss in the first half of 2015 as costs rose.

The gas-to-liquid technology company reported a GBP11.7 million pretax loss in the first six months of 2015, widening from the GBP9.7 million loss a year earlier, as revenue dropped to GBP120,000 from GBP958,000.

The main causes of the wider loss, however, were higher research and development costs totalling GBP6.0 million from GBP5.6 million a year ago, share-based payments rising to GBP1.5 million from GBP842,000, and administrative costs increasing to GBP5.1 million from GBP4.3 million.

"2015 is a year of delivery for Velocys. It is pleasing to see the tangible progress of commercialisation within the company, recently culminating in the completion of the reactors and catalyst for the Oklahoma City plant that will be completed next year," said Chairman Pierre Jungels.

The key priority for Velocys at this time is the successful build and start-up of ENVIA Energy's Oklahoma City plant, scheduled for mechanical completion in the first half of 2016.

"Velocys and its supply chain partners have successfully completed the manufacture of the reactors and the initial catalyst charge for the plant. Extensive work is in progress to be fully prepared for its start-up, and we and our joint venture partners have the benefit of an experienced team to support this coordinated effort," it said.

Velocys shares were down 7.8% to 68.25 pence per share on Wednesday.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

More News
3 Aug 2020 11:37

Velocys delivers four reactors to Red Rock Biofuels

(Sharecast News) - Sustainable fuels technology company Velocys has completed the manufacture and delivery of four reactors to Red Rock Biofuels, it announced on Monday.

Read more
25 Jun 2020 14:05

Thursday broker round-up

(Sharecast News) - InterContinental Hotels: Jefferies downgrades to hold with a target price of 4,100.0p.

Read more
25 Jun 2020 11:38

Velocys Raises GBP20 Million Via Oversubscribed Placing, Retail Offer

Velocys Raises GBP20 Million Via Oversubscribed Placing, Retail Offer

Read more
19 Jun 2020 10:38

Velocys on track with projects as loss shrinks

(Sharecast News) - Velocys said its projects were on track as the waste-to-fuel company reported a shrinking of its annual loss as administrative costs fell.

Read more
12 Jun 2020 12:55

IN BRIEF: Velocys Secures GBP500,000 In Funding For Altalto Project

IN BRIEF: Velocys Secures GBP500,000 In Funding For Altalto Project

Read more
12 Jun 2020 11:46

Velocys gets another DfT grant for sustainable fuels project

(Sharecast News) - Sustainable fuels technology company Velocys has secured a further £0.5m of grant funding for the Altalto waste-to-fuels project from the Department of Transport (DfT), it announced on Friday, under the 'Future Fuels for Flight and Freight Competition' (F4C).

Read more
12 May 2020 16:49

Velocys Shares Rise On GBP1 Million Funding For Altalto Project

Velocys Shares Rise On GBP1 Million Funding For Altalto Project

Read more
12 May 2020 10:15

BA and Shell provide £1m for Velocys clean fuel plant

(Sharecast News) - Velocys said it had secured a further £1m of funding for its Altalto waste-to-fuels project from British Airways and Royal Dutch Shell.

Read more
15 Apr 2020 14:32

UK TRADING UPDATE SUMMARY: Kromek To Make 2,000 Ventilators For UK

UK TRADING UPDATE SUMMARY: Kromek To Make 2,000 Ventilators For UK

Read more
4 Feb 2020 13:04

Tuesday broker round-up

(Sharecast News) - Keywords Studios: Berenberg upgrades to buy with a target price of 1,400p.

Read more
3 Feb 2020 18:28

Velocys Appoints Worley As Engineering Technology Partner

Velocys Appoints Worley As Engineering Technology Partner

Read more
18 Dec 2019 09:51

DIRECTOR DEALINGS: Velocys Chair Phillip Holland Buys Shares

DIRECTOR DEALINGS: Velocys Chair Phillip Holland Buys Shares

Read more
10 Dec 2019 18:02

Velocys Names Senior Director Holland As Chair; Jungels Retires

Velocys Names Senior Director Holland As Chair; Jungels Retires

Read more
13 Nov 2019 15:21

Velocys delivers reactors and catalyst to Toyo in Japan

(Sharecast News) - Velocys has constructed and now delivered Fischer-Tropsch (FT) reactors and catalyst to Toyo Engineering Corporation for use in a biomass-to-jet fuel demonstration facility in Nagoya, Japan, it announced on Wednesday.

Read more
18 Oct 2019 12:53

Friday broker round-up

(Sharecast News) - Royal Bank of Scotland: JP Morgan upgrades to overweight with a target price of 280p.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.