Boiler Manufacturer Inspirit Energy Interim Loss Narrows On Lower Costs

LONDON (Alliance News) - Inspirit Energy Holdings PLC, a developer of combined heat and power boilers, on Thursday reported a narrowed pretax loss for the first half of its 2018 financial year due to a drop in administrative costs, and said that it continued to advance its microCHP boiler towards commercialisation.

For the six months to end of 2017, the company recorded a pretax loss of GBP184,000, compared with a pretax loss of GBP215,000 in the year ago period. No revenue was generated in either financial periods.

Administrative costs fell to GBP169,000 from GBP214,000.

"Last six months has seen another progressive step for the company with reduction in development costs and the charger unit maintaining its output to management expectations," Chairman and CEO John Gunn.

Shares in the company were trading 20% lower at 0.04 pence Thursday afternoon.