(Alliance News) - Eqtec PLC on Friday reported a surge in revenue but said its loss widened in 2018 due to increased operating expenses.
The bioscience energy company reported a widened pretax loss to EUR8.3 million in 2018, compared to EUR6.0 million the year earlier, despite revenue rising to EUR2.2 million from just EUR20,200 in 2017.
Eqtec said its administrative expenses grew significantly to EUR2.8 million from EUR778,006, while it also recorded an impairment of goodwill of EUR1.4 million arising on the revaluation of assets held at the company's Newry site in Northern Ireland.
"It has been an extremely busy year for Eqtec, with project advancements on a number of our current initiatives," said Chief Executive Ian Price.
"Ever increasing levels of waste combined with a growing requirement for energy provide a strong backdrop for our activities and we look forward to reporting on our progress in the months ahead," added Price.
Eqtec shares were trading 15% lower on Friday afternoon at 0.29 pence each in London.
Eqtec (EQT)