25th Jun 2019 11:41
(Alliance News) - RedT Energy PLC on Tuesday said its loss widened in 2018 as it "faced a number of challenges" resulting in project delays.
RedT shares were trading 20% lower on Tuesday at 1.00 pence each.
The energy storage solutions company reported revenue of GBP4.2 million in 2018, up from GBP2.2 million reported a year earlier.
RedT's pretax loss widened to GBP12.4 million from GBP7.5 million loss recorded in the prior year period due to an increase in administrative costs to GBP14.0 million from GBP9.1 million year-on-year.
In 2018, the company said it focused on the delivery of a "significant" number of liquid energy storage machines to customers in the UK, EU, Australia, Asia and sub-Saharan Africa.
In June last year, RedT also launched the new Gen 3 product, which offers its customers improved power and efficiency performance with a smaller footprint and at a reduced cost.
RedT noted that it faced a number of challenges, including an unprecedented spike in the price of vanadium and a number of significant policy changes, especially in the UK and German markets. These served to create uncertainty and undermine short-term confidence across the industry, which has manifested in project delays, the company said.
"I have been impressed by the significant step forward we have made in the design and manufacturing processes of the latest Gen 3 units and remain optimistic about the company and its people's ability to succeed in a market that is forecast to drive fundamental, positive change in our energy system in the years to come," said Executive Chair Neil O'Brien.
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