(Alliance News) - AFC Energy PLC on Friday reported a narrowed full-year loss due to lower administrative expenses and said that it is seeing an "ever-growing momentum" in the usage of hydrogen to lower carbon emissions in the UK.
AFC, a developer of alkaline fuel cells which use hydrogen for electricity production, did not report any revenue in the 12 months ended October 31, just like in the year prior.
Its pretax loss shrunk to GBP3.6 million from GBP5.0 million in the year prior. Administrative expenses were 27% lower at GBP3.6 million.
Chief Executive Officer Adam Bond said: "The past 12 months has seen a clear and ever-growing momentum behind the role of hydrogen as a means of decarbonising the UK's current and future energy mix.
"With the successes and achievements delivered by AFC Energy over these same twelve months, we are well positioned to capitalise on this growth market, particularly in support of the transition away from diesel engines in both motive and stationary applications towards clean hydrogen-based alternatives."
Looking ahead, the company added: "The outlook for the coming year is probably at its most favourable level in recent years with both government policies and public sentiment creating a situation where the market is willing to change."
Shares were 1.3% higher at 21.00 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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AFC Energy (AFC)