30th Sep 2013 14:49
LONDON (Alliance News) - Acta S.p.A Monday said it swung to a pretax profit in its first-half as the company benefited from a one-off share reversal payment.
The renewable energy storage and hydrogen production company posted a pretax profit of EUR516,000 for the six months ended June 30 compared to a pretax loss of EUR1.5 million the previous year.
The company said its sales fell 14% to EUR238,000 from EUR276,000 as the company discontinued its research and development services and photovoltaic EPC operations.
Acta said it profited from a one-off share option reversal payment of EUR2.4 million which led to the overall profit.
These costs relate to the company's 2005-2008 Share Option plans which were previously expensed and, having now expired and been cancelled at the 2013 annual general meeting, have been reversed in accordance with IFRS treatment.
The company said that without the payment its overall operating loss increased to EUR1.9 million from EUR1.5 million and would have widened the company's losses.
Acta shares were down 9.62% to 8.93 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor
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