LONDON (Alliance News) - Powerhouse Energy Group PLC Monday said it swung to a pretax loss in 2013 after its 2012 figures benefited from a one-off payment and its comparable expenses fell.
The alternative energy technology company, which did not produce any revenues in 2013, posted a pretax loss of GBP678,462, versus a pretax profit of GBP554,528 the previous year.
The company said its administrative expenses and finance costs increased, while its 2012 figures benefited from a one-off GBP1.1 million payment as a creditor waived a loan.
Powerhouse is currently building its commercial capabilities to begin rolling out sales of its five-tonne-per-day waste to energy units, which were successfully commissioned in 2013.
In April, the company said it agreed to issue new shares to cover amounts outstanding to some of its creditors, a move it hoped would allow it to move the company forward after a recent restructuring.
The company said at the time that it had entered into a deed of settlement under which it will issue 11.5 million new shares to settle an outstanding loan of about GBP405,000 with Aspermont Ltd, Dilato Holdings Pty Ltd, and Tesla Nominees Pty Ltd 2011, as well as a USD100,000 deposit that PowerHouse Energy Australia Pty Ltd paid in a deal to buy a gasification system that wasn't then completed.
Powerhouse shares were up 4.0% to 1.30 pence on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Powerhouse Ener (PHE)