Amte Power PLC - developer and manufacturer of lithium-ion and sodium-ion battery cells - Reports maiden annual results since listing in March. For financial year ended June 30, pretax loss widens to GBP4.0 million from GBP2.1 million in financial 2020 on revenue of GBP2.0 million, up 55% from GBP1.3 million. Amte declares no final dividend in financial 2021. Amte says it continues to invest in product development, resulting in operating losses of GBP3.8 million for the year, widening from GBP1.9 million. Looking ahead, says product releases will provide increasing visibility on scale and timing of prototype and product revenue.
Chief Executive Officer Kevin Brundish says: "This has been a successful period for the business. While the IPO was a major focus and success for the company, we have also made excellent progress towards commercialising our portfolio of battery products. We are collaborating well with government funded organisations, tasked with accelerating the UK's move away from fossil fuels to battery power, such as Automotive Propulsion Centre, the Faraday Institute and the UK BIC. Our products are being tested with these bodies and commercial partners for being suitable for large scale manufacture as well as being capable of meeting the commercial needs of our future customers.
"We continue to focus on the development of multiple cells for a variety of specialist markets, not just automotive, all with sufficient scale to make them highly commercially attractive."
Current stock price: 200.00 pence
Year-to-date change: down 14%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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