27th Sep 2018 12:21
LONDON (Alliance News) - EQTEC PLC said Thursday that a sharp jump in administrative costs led to a widened pretax loss for the first half.
Although, the company said it remains well placed to deliver on its plans following appointment of Ian Price as new chief executive officer and completion of a strategy review in August.
The technology solution company for waste gasification to energy projects recorded a pretax loss of EUR1.9 million for the six months to June 30, compared with a pretax loss of EUR1.1 million in the year ago period, on a revenue of EUR546,288 and EUR20,418, respectively.
Administrative expenses jumped to EUR1.4 million from EUR613,505.
The company, pursuant to its strategic review, has decided to exert greater direct control over its strategic business unit and will restructure it to shift the near-term focus to pipeline execution from business development to ensure delivery on customer requirements.
The company also has decided to increase its skilled engineering staff and form a strategic alliance with CT3 Ingenieria to provide further technical and engineering support.
Shares in EQTEC were trading 1.7% higher at 1.29 pence each.
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