LONDON (Alliance News) - Inspirit Energy Holdings PLC Monday said its pretax loss widened in its first half as expenses linked to technology development hit the company.
The AIM-listed company is trying to develop a so-called mCHP boiler that will be able to both heat and provide electricity to a home.
Its pretax loss widened to GBP251,000 for the six months ended December 31, 2013 from GBP105,000 in 2012.
The company, which did not receive any revenues during the period, said its pretax losses widened as its administrative expenses more than doubled to GBP237,000 from GBP95,000.
Inspirit Energy said that, as it moves towards commercialisation, it has engaged leading industry players in the development of the mCHP boiler and has signed a range of sales agreements for trial units, which will be available around the third quarter.
The company in February raised GBP250,000 before expenses by placing 11.4 million new shares at a price of 2.2 pence per share, funds it will use to provide it with working capital as it moves closer to bringing its new boiler to the market.
Inspirit Energy shares were down 4.6% to 1.55 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Inspirit Energy (INSP)