26th Apr 2016 09:19
LONDON (Alliance News) - Energy storage technology company RedT Energy PLC on Tuesday said its pretax loss narrowed and revenue rose in 2015.
RedT said its pretax loss for the year to the end of December was EUR712,000, compared to EUR2.6 million a year prior, as revenue grew to EUR11.1 million from EUR5.6 million.
The group made a net gain of EUR2.0 million on the sale of its biogas assets in the US in the year as it refocused as a pure-play energy storage company.
The company said the primary focus for 2016 will be on commercialising its energy storage systems, and it remains confident on making progress on this front.
The company warned, however, it will take the path to commercialisation "step-by-step" and would not rush its products to market if they are not ready.
Shares in RedT were down 15% to 8.49 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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