21st Sep 2018 10:57
LONDON (Alliance News) - Clean technology investment firm Verditek PLC said Friday its interim loss deepened after administrative costs jumped as it continues to chase first revenue from its portfolio firms.
For the six months ended June, pretax loss widened to GBP969,474 from GBP432,206 the year prior. Verditek did not generate any revenue in either year.
Profit performance was hurt by a rise in administrative expenses to GBP899,430 from GBP171,654 the year prior.
"Our focus continues to be delivery of first sales of our leading solar cell PV technology," Verditek Chairman Geoffrey Nesbitt said. "We have completed commissioning of the production line and recently moved to a larger facility in Lainate, Italy. Product and production certification is due to commence in the next quarter. We are excited about our joint solar development project with Paragraf to develop and verify the application of graphene to solar devices which we believe could be a game changer for the industry."
Verditek holds a 51% stake in solar cell maker Greenflex Energy Ltd. The firm has secured sales leads and licencesing relationship to support early sales of the technology of Greenflex.
In addition, Verditek holds a 51% stake in air filtration firm BBR Filtration Ltd and a 24% stake in carbon dioxide capture technology firm Westec Environmental Solutions Ltd.
"We are confident that the repositioning of the BBR's bio filtration products will be successful," Nesbitt added. "The board believes that WES is a blue-sky investment opportunity, which could revolutionise the carbon capture market for the cement industry, natural gas processing, petroleum refineries and numerous other industries."
Shares in Verditek were 2.2% higher at 6.90 pence on Friday.
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