30th Sep 2013 07:38
LONDON (Alliance News) - Velocys PLC Monday said its net loss widened in its first half as sales fell and administrative expenses increased.
The gas-to-liquids technology company said its net loss widened to GBP7.1 million from GBP4.9 million for the six months ended June 30.
The company said its sales halved to GBP1.7 million from GBP3.6 million, as the company transitions from a research-and-development company to a commercial operation.
Velocys also said its administrative costs increased to GBP8.4 million from GBP6.5 million as it ramped up operations.
The company completed a GBP30.6 million equity placing at the start of the year and has been using this to fund its development this year.
Velocys shares were up 1.00 pence at 158.00 pence in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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