LONDON (Alliance News) - Inspirit Energy Holdings PLC on Friday reported a narrowed pretax loss for its financial year ended June 30, and was positive about the progress being made in commercialising its boiler product, the Inspirit Charger.
Inspirit made a pretax loss of GBP553,000, narrowed from a loss of GBP779,000 year-on-year, due to decreased administrative expenses, which were down to GBP503,000 from GBP724,000 the year before.
The company did not generate any revenue in the year, but said it was "getting closer" to the commercialisation of its microCHP boiler Inspirit Charger, a micro combined heat and power boiler. Inspirit said it had focused on sales and marketing over the period, as part of the process of ensuring its distribution partners are in place ahead of the boiler's commercial launch.
Inspirit said it had made "extremely positive" progress over the course of its 2016 financial year, and believed this would continue in 2017 through achieving the commercialisation of the Inspirit Charger.
Shares in Inspirit were down 16% at 0.160 pence Friday morning.
By Lucy Heming; lucyheming@alliancenews.com
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Inspirit Energy (INSP)