27th Dec 2024 10:18
(Alliance News) - Gelion PLC on Friday said it has made "significant progress" in its recent financial year, as it cut costs, but it still reported a wider pretax loss.
The London-based battery technology company's total income fell 3.2% in the 12 months that ended June 30 to GBP1.99 million from GBP2.05 million in financial 2023.
Pretax loss widened to GBP8.0 million from GBP7.4 million.
However, adjusted earnings before interest, tax, depreciation and amortisation loss narrowed to GBP4.8 million from GBP5.9 million in financial 2023.
Gelion said it made GBP1.1 million in savings despite additional operating expenses from the acquisition of OXLiD Ltd.
Research and development expenses were down 16% to GBP3.5 million from GBP4.1 million. Administrative expenses also were reduced, by 14%, to GBP3.3 million from GBP3.8 million.
Gelion said its progress in technology development means it is "well positioned to achieve our targeted performance objectives" around cycle life in stability to reach its "minimum viable product".
It believes its Lithium Sulfur technology "has the potential to make up a significant share of the storage market by 2040".
Chief Executive Officer John Wood said: "We made significant progress across all our strategic priorities in financial year 2024, successfully delivering on every major milestone we set, driving both growth and operational efficiency, while maintaining a disciplined approach to cost management. We have made notable strides in expanding Gelion's technological capabilities, strengthening our position in key markets, and advancing important partnerships."
Shares in Gelion were up 8.6% to 16.00 pence in London on Friday morning.
By Michael Hennessey, Alliance News reporter
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