31st May 2016 10:33
LONDON (Alliance News) - Energy technology company Intelligent Energy Holdings PLC on Tuesday said its pretax loss widened significantly in the first half following impairments linked to its restructuring, though revenue grew.
The company, which develops hydrogen fuel cell technologies, said its pretax loss for the half to the end of March was GBP67.3 million, compared to a GBP21.4 million loss a year earlier. The loss was driven by impairment charges linked to the group's restructuring.
In April, Intelligent Energy announced it would undertake a "material restructuring", cutting jobs and refocusing the business as it struggled to secure new financing. That financing came through in May, when the group agreed a USD30.0 million deal with shareholder Meditor Capital Management Ltd.
Intelligent Energy said the bulk of the restructuring is set to be done by June, with further, smaller charges to be recognised in the second half.
Revenue, however, grew to GBP43.9 million in the first half from GBP27.4 million a year earlier, boosted by an expansion of Intelligent Energy's interim power management contract with GTL covering 27,000 telecoms towers in India.
"It has been a difficult time for everyone associated with Intelligent Energy and we have taken some hard decisions for the long term future of the company. However, we have successfully raised the funds needed to complete the necessary restructuring of the business, and support our refocused strategy," said Chief Executive Henri Winand.
"With a refocused strategy to capitalise upon the demand for small to medium sized applications to power off-grid devices and a materially reduced and sustainable cost base, there is a path in place toward building a viable long term business," he added.
Intelligent Energy shares were down 8.3% to 11.46 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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