28th Sep 2018 13:10
LONDON (Alliance News) - Powerhouse Energy Group PLC on Friday reported a widened interim loss on increased costs.
In the six months ended June, the waste-to-energy systems provider widened its pretax loss to GBP1.2 million from GBP696,849.
Powerhouse Energy did not record any revenue in the period, same as the year before, but increased its administrative expenses and research & development costs.
The company's administrative expenses increased to GBP725,872 from GBP424,144 and its R&D costs increased to GBP411,301 from GBP202,842.
Non-Executive Chairman Cameron Davies said: "We believe we have the right strategy in place to deliver substantive growth over the medium to longer-term and to deliver sustainable shareholder value as the commercialisation strategy for our proprietary DMG technology platform targets revenues to move PowerHouse towards becoming a profitable business."
PowerHouse said it is "well underway" in its commercialisation phase and is in "active discussions" with a "number of 'early-adopter' commercial customers".
Shares in PowerHouse Energy were down 2.0% Friday at 0.30 pence each.
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