26th Jul 2019 12:15
(Alliance News) - AFC Energy PLC on Friday reported a slimmer interim loss as it looked ahead to a "very exciting" few months.
The company posted a pretax loss of GBP2.1 million for the six months to April 30, narrowed from GBP2.7 million a year ago. This was as administrative expenses fell to GBP2.1 million from GBP2.7 million.
The firm's cash balance at April 30 was GBP1.9 million, down from GBP4.0 million a year ago. A further GBP4.0 million before expenses is available to be drawn from a convertible bond facility, the firm added.
AFC said the outlook for the coming months is "very exciting", with some new products being developed.
AFC Energy Chief Executive Adam Bond said: The productisation of AFC Energy's fuel cell system is now well underway. Delivery of the first hydrogen fueled EV charger for deployment across the UK later this year, to be followed by modular stationary off grid power systems, highlights the corner AFC Energy has now turned in taking its hydrogen power units to market."
AFC Energy shares were down 1.1% at 4.65 pence in London on Friday.
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