LONDON (Alliance News) - AFC Energy PLC Thursday said its loss was slightly narrower in the last financial year as the company continues to progress its alkaline fuel cell technology platform.
The industrial fuel cell company said its pretax loss in the year to the end of October amounted to GBP5.4 million compared to the GBP5.9 million loss the year before.
AFC Energy does not generate any normal revenue, but does receive grants from the European Union for its involvement in three projects that are related to the company's alkaline fuel cell system and other technologies such as a fuel processing system and a novel ammonia fuel system.
Income from those EU grants rose to GBP2.3 million in the year from only GBP782,236 the year before, but its cost of sales were also much higher as those projects progress, rising to GBP4.8 million from only GBP1.0 million.
"2015 was all about driving our alkaline fuel cell technology platform to maximise the power output of the system for the first time at a third party industrial facility in Germany whilst in parallel delivering the requirements of the joint EU funded POWER-UP programme," said Chief Executive Adam Bond.
"Having achieved a number of critical successes over this period, 2016 is now focused on delivery of international contracts for the deployment of our fuel cell system whilst taking the wealth of learnings acquired over the course of 2015 and further enhancing the operability of the fuel cell system capable of meeting the requirements of our commercial partners," he added.
AFC Energy shares were down 2.5% to 15.60 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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AFC Energy (AFC)