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Yes, exactly Daz. When the project was announced it was said that certain milestones needed to be hit. We've never really had a clue about what they are, how many of them there are and what the granular timescale would be - but good news that the project seems to be progressing along the anticipated lines. A fair way to go yet though. But no hint of news (good, bad or indifferent) on the hoped for additional relationship

We've got used to trading updates being accompanied by an Investor Meets gathering over the last couple of years, but doesn't appear to be the case this time round.

That's not really a surprise given the timescales that we are aware on both fuel cells and cracker progress. There is one disappointment, however, in that at the last such presentation there was 'news' that we were some way down the line in negotiations with another major potential partner, but nothing on that front since that event which was almost four months ago.

Good film, but in this context it's more like Groundhog Day...

Let's be clear, the material investments made in AFC by the CEO, CFGO, Chairman and their family members are, unequivocally, good things. But, as night follows day, we know that every time one of those purchases is announced one poster on here burrows off to his shed and marks '28 days later' as being of enormous significance and spends much of the intervening period ramping the hell out of his perceived likelihood of a blockbuster announcement almost immediately on the expiry of that apparent purdah.

There's only one problem with that theory - it's nonsense.

There is no such relevant period either in law or regulation. There is an implication on the ramping that the directors knew when they were making those purchases that in a month or so's time they would be making an announcement that would have a significantly positive effect on the share price, and that just isn't true (quite demonstrably).

It's a bit odd that the resident ramper claims that his many posts (some of which can be interesting) are designed to help new investors when, on this particular subject and many others, what he is actually doing is actively misleading anyone gullible enough to believe him that some transformational announcement is imminent when all the news we have see suggests that is unlikely at this point.

Daft post, Aldebaran. It's barely a rise when one takes the spread and dealing costs into account.

You are convinced that nothing material will develop util 2027 and, fair enough, that's your view and it's not without substance. Personally I am hopeful that 2026 will see some notable achievements to bolster the credibility lost over the last four (in particular years) of Bond's tenure. But if you so convinced of your view not really sure why you take such a keen daily interest?

Still, well done for a post that isn't ramping some other share.

Relevant articles can indeed be interesting. A complete refusal to have any form of adult debate about hem, rather less so. A determination to accuse anyone willing to have such a debate of having a nefarious agenda is just downright childish

I haven't got the faintest idea Ginger. I'd be ecstatic with the 50p.

If today with all the news we could reasonably expect going as well as we could reasonably hope hasn't nailed it into people's minds that the only thing that gets this going is real commercial activity then nothing will.

And despite the usual suspect's protestations we are yet to make a single sale that could be described as such.

TJust let him make a fool of himself. Let's say a growth company might be accorded a PE ratio of 25. That would mean AFC would need to record £80m in profit in 2027 which seems, shall we say, unlikely.

There are, of course different metrics available. Let's take price top sale ratio. Looking at the US figures the highest such measure applied is to the semi-conductor sector. Hardly an obvious comparator but let's just say that AFC's tech proved to be so ground-breaking and commercially attractive that it's rated similarly to the leader in the AI revolution - that means that it needs to have sales revenue of £141m which, again seems at the outer edge of likelihood on both counts. If we took the price sales ratio for the construction supplies sector that required sales number goes up to about £952m.

Bring that on!

I really don't care if you agree with me CN. As for price predictions at that level over that timescale none of us has a clue. I very much hope you are right as I hold several hundred thousand share despite what your weird form of paranoia tells you. There are plenty of people here and late of here that have posted up similar things over many years and we are where we are. If we do get to £2 a a share, then unless that sort of meteoric rise happens more or less overnight, I'll long since have cashed in most if not all of my holding.

I've long since given up paying the slightest attention to broker analysis (that term is stretching it as they just regurgitate what they've been told without analysing it). 195p peel hunt? yes, righto!

I recall the class clown painting the exit of RBC as a broker as a sensible cost saving decision by AFC, but it's much likely that RBC withdrew from the role as they are not generally in the business of promoting investments to their clients at this stage.

It's stretching it a bit to describe ABB as a customer!

I wonder why the Strategy bloke gets an announcement but the Commercial one doesn't? Let's hope he lasts longer than the last recruit from ABB (Robin Koeken) who was here for a few months before skedaddling off, presumably when he realised we had nothing saleable. That doesn't tend to be attractive to a salesman!

Minimal. Which we have known for some time.

From the RNS

Our leadership team has been strengthened through the appointment of a Chief Strategy Officer, and post-year end, a Chief Commercial Officer

Who is the latter then?

If that is the conclusion you have reached, Hamilton, then either you can't read or you had utterly unrealistic expectations.

So, more or less exactly what I said yesterday despite all the usual. and utterly predictable, brainless accusations of shorting etc.

It's a perfectly decent update for two reasons - things are generally on track as previously announced, and nothing has gone badly awry. Anyone expecting anything more concrete than that is resident in cloud cuckoo land.

One slight disappointment is the absence of any progress on the discussions with a potential major partner as mentioned in the last IM gathering back in July.

The chances of there being anything startling re progress if there is an update in the next few days is close to nil. By definition it would be price sensitive and there's no logic at all to expect something that meets that definition in a results announcement given the company's obligation to update the market as soon as there is actual price sensitive news. I'd say the best we can hope for is that nothing has gone awry, and by the same token there shouldn't be anything dramatic in that sense in such an announcement. All on track will have to do for now; there's clearly no chance that there has been really significant revenue during the period

Came on on 4 November last year, so one assumes imminent.

We know that the numbers in there were smoke and mirrors (that's putting it very politely!) and we also know that we had minimal real commercial activity in the first half of this financial year (ended 31/10) because income for the first half was £17k.

That was pretty much all from the perpetual triallers, Acciona. What are sensible expectations for the full year?

We maybe have the same again from Acciona but that number is pretty irrelevant anyway

We know units were on trial (why still not, apparently, being used?) at the LTC. Presumably they were the Speedy JV units but were they generating income or just free trials?

Possibility of some other income via that batch of units but can't really be material

So, if there is an acknowledgement that a trading update can't really have much to update in terms of trading what are we hoping for?

1. Confirmation that the terms of the JV with ICL have been finalised and that revenue will start to be produced early next year

2. That the work being done with Volex to produce generators at a commercially viable price is progressing as planned

3. That we have hit whatever milestones were set for progress with the S&P500 partner thus far

4. Any firmish confirmation that we have some real commercial interest (orders would be nice...) relating to any of the above.

Anything else?

To be fair I'm nit the CFO who the new CEO fired off within about ten minutes of joining. If you really think we earned £4m in genuine, commercial revenue then you need help. And if we did you would surely have to wonder why the revenue for the next six months was....£17k

https://www.lse.co.uk/rns/AFC/interim-results-for-half-year-2025-8211-replacement-872h75l508kqax6.html

There is a 5,000,000 sell at 8.518 when the spread was 8.60-8.70 and someone is questioning whether it's a but or a sell? Scary in many ways

If, Investor86, you seriously think that we coined in £4m of feal commercial revenue at any point then you're a much bigger fool than you are coming across as already. Mindboggling.

You are confusing baseless positivity with hope. I am hopeful that this will come good - it remains a speculative longshot.