12th Feb 2014 09:27
LONDON (Alliance News) - AFC Energy PLC Wednesday said its pretax loss widened in its full year despite improved revenues as costs hit company finances.
The industrial fuel-cell power company said its pretax loss widened to GBP4.5 million for the twelve months ended October 31, 2013, from GBP4.2 million the previous year.
The company said revenues more than doubled to GBP759,441 from GBP357,367 the previous year as licence fees increased and it received more EU grant income. AFC also secured new agreements during the year, including a deal with Waste2Tricity International Ltd in Thailand, which will run until 2024.
However, AFC said the cost of sales jumped significantly to GBP542,924 from GBP27,498, as it increased staff from 29 to 38 and bought new space at the Dunsfold complex in the UK.
The company said it entered a range of deals in the full year and after the end of the reporting period, including a working partnership with Foster Wheeler AG and with Air Products PLC.
AFC Energy shares were up 2.3% to 28.90 pence in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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