28th Jun 2019 09:55
(Alliance News) - Green technology investment firm Verditek PLC said Friday its 2018 loss deepenend due to increase in exceptional costs, as the company prepared to record first revenue from its solar business in 2019.
In 2018, pretax loss deepened to GBP2.7 million from GBP2.0 million the year prior. This was after the firm booked a GBP673,012 in one-off costs associated with AIM market admission charges, fundraising costs and impairment on an investment in an associate.
Verditek did not generate revenue in either years.
"Our focus is on revolutionising the potential of solar power," Verditek Chief Executive Officer Geoff Nesbitt said. "Our solar modules, being 90% lighter than a conventional module, can be used on roofs which would not support conventional panels. This is a good start but only the beginning."
"We are also jointly developing a graphene solar cell with the potential to make electronic goods, such as laptops, self-charging," Nesbitt added. "We have a clear route for developing these projects and have achieved our targets to date. 2019 will see our first revenues from our Solar modules, as well as continued investment in product development and commercialisation."
"I am confident, with the tailwind of the ever increasing focus on renewable energy, that Verditek's new generation of lightweight technology will become an ever increasing presence in the solar landscape over the coming year," Nesbitt continued.
Shares in Verditek were 2.0% lower at 6.00 pence in London on Friday.
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