30th Jun 2016 11:34
LONDON (Alliance News) - PowerHouse Energy Group PLC on Thursday reported a narrowed pretax loss in 2015 as it booked lower costs and said it is confident of emerging from a "very rough" four years.
Shares in PowerHouse were trading up 38% at 0.722 pence on Thursday afternoon.
The energy company, which does not generate any revenue, said its pretax loss in 2015 narrowed to GBP781,647 from GBP2.5 million in 2014.
PowerHouse said that 2015 was "a year of continued challenge" as it drove the development of a new ultra-high temperature gasification technology. Its loss for the year improved, however, due to a significant reduction in administration expenses and the absence of restructuring costs.
PowerHouse added that the beginning of 2016 has been "an active and tumultuous time".
"PowerHouse is poised to begin its recommencement. We have a technology that we believe is unparalleled in its capability, its efficiency, its economy, its environmental contribution, and of which we can feel proud," Chairman Keith Allaun said in a statement.
"The company has been steered through a very rough four years with the support of Hillgrove, and the conscientious advice of both Brent Fitzpatrick and James Greenstreet our non-executive directors. We are confident that PowerHouse can finally meet the promise that was envisioned when the company was founded," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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