AFC Energy (AFC)

 

AFC Energy operating losses narrow

AFC Energy's operating losses narrowed to £6.3m in the year to the end of October - down from £8.6m in 2015.

The cost of sales and administrative expenses of £1.9m and £5.6m respectively were down from £4.8m and £6.1m respectively last time.

EU grant income fell to £967,606 from £2.3m and pre-tax losses rose to £6.5m from £5.3m.

Chief executive Adam Bond said: "2016 was an important year of consolidation for the company with material improvements not only in the fuel cell technology platform, but also in the dialogue with several key commercial and strategic partners for AFC Energy.

"The corporate value gained from AFC Energy's collaboration with De Nora, and the commencement of commercial project developments with Peel Environmental, cannot be undervalued and positions the company well for an accelerated programme of activities in 2017."

At 8:07am: (LON:AFC) AFC Energy PLC share price was +0.01p at 12.13p