RE: RNS out23 Sep 2021 08:32
23 September 2021
Velocys Gross Profit £3.3m first half 2021
Velocys plc (VLS. L), the sustainable fuels technology company, is pleased to announce its interim results for the six months ended 30 June 2021.
Henrik Wareborn, CEO of Velocys, said:
"Our interim results demonstrate that Velocys has achieved an important milestone, recognising £8.2m of revenue and £3.3m gross profit in HY2021 from our first major commercial customer contract. The downwards trend in our operating loss continued, declining to £2.0m in HY2021 from £2.6m in HY2020 (£5.2m in HY2019 and £11.0m in HY2018). This shows that the Company is controlling its spending well whilst also delivering to our customers and progressing our two reference projects towards funding for their FEED stages and then onto financial close.
"At the same time, I am pleased with the safe and efficient operational performance of Velocys despite the challenges of COVID-19, and excited about the sustainable fuels market dynamics and the business development opportunities available to us for the short, medium and long term."