13th Jun 2023 12:00
(Alliance News) - i(x) Net Zero PLC on Tuesday reported it swung to a loss in 2022 from a profit a year prior, as its net changes in fair value on financial assets were significantly lower than in 2021.
i(x) Net Zero is an investment company focusing on energy transition and sustainability in the built environment. It said its pretax loss was GBP6.9 million in 2022, compared to a profit of GBP36.0 million a year ago.
Net changes in fair value on financial assessments stood at GBP1.4 million, down sharply from GBP40.9 million. Meanwhile, general and administrative expenses increased to GBP8.2 million from GBP4.8 million.
i(x) Net Zero noted challenges in the regional banking market in the US.
Looking ahead, the company is optimistic, emphasising the US's Inflation Reduction Act of 2022 which targets tackling climate change.
i(x) Net Zero shares were flat at 11.50 pence each on Tuesday late morning in London.
By Tom Budszus, Alliance News reporter
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