26th Mar 2014 12:44
LONDON (Alliance News) - Clean energy products company Acta SPA Wednesday said it is on the verge of a "breakthrough" after it narrowed its losses in the full year.
The company, which recently signed a co-operation agreement with fuel cell manufacturer ReliOn Inc to promote its new back-up power system in North America, posted pretax losses of EUR1.2 million for 2013, compared with losses of EUR3.1 million in 2012, even though revenue fell to EUR411,000 from EUR436,000 a year earlier.
Acta said 2012's revenue figure included EUR175,000 from a discontinued photovoltaic contract. Excluding this, revenue for 2013 rose 57% from EUR261,000.
Operating costs were reduced by the reversal of share option costs from prior years, resulting in an operating loss of EUR1.1 million compared with a EUR3.1 million loss a year earlier.
During the period Acta developed and launched Acta Power, an integrated electrolyser and fuel cell system for back-up power and renewable energy storage applications. To date the company has shipped five of these systems for evaluation with four major mobile telecommunications companies in Australia, Africa and the Philippines.
In addition, the firm said sales of its electrolyser systems have grown rapidly against prior years, with increasing levels of repeat orders from its key clients.
These sales typically address the back-up power or educational sectors, although interest in the company's product range is also growing from the automotive fuel cell and light electric vehicle sectors.
"We believe that Acta is rapidly gaining momentum and is on the verge of breakthrough, Chief Executive Paolo Bert said in a statement. "We look forward to the delivery of significant customer orders during the course of the year."
In view of its accumulated losses and in accordance with Italian law, the company said it is still not in a position to make payment of a final dividend.
The stock was trading at 5.88 pence, down 0.25p or 4.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ACTA.L