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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Itm Power | AQSE:ITM.GB | Aquis Stock Exchange | Ordinary Share | GB00B0130H42 | Ordinary Shares 5p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.79 | 3.58% | 51.788 | 45.00 | 65.00 | 55.00 | 50.00 | 50.00 | 60,552 | 11:02:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMITM
RNS Number : 1499V
ITM Power PLC
26 January 2017
26 January 2017
This announcement contains inside information
ITM Power plc
("ITM Power", "the Group" or the "Company")
Half Year Results for the Period ended 31 October 2016
ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its interim results for the six-month period ended 31 October 2016. The Group has recognised total revenue and grant funding of GBP2.97m in the period and currently has GBP16.98m of projects under contract with a further GBP1.37m of contracts in the later stages of negotiation, making a total pipeline of GBP18.35m. In the 2016 calendar year, orders have totalled GBP15.68m, representing an increase of 100% year on year.
Given the current contracted order book, the Directors remain confident of delivering full year results in line with market expectations.
Summary:
Commercial Progress
-- National Physics Laboratory (NPL) & The Centre for Engineering and Manufacturing Excellence (CEME) refuelling sites now open in London as part of the HyFive project.
-- Upgrade completed to M1 Hydrogen refuelling station in Rotherham. -- H2ME2 grant awarded to continue to extend the network of refuelling stations in the UK. -- Stations on Shell forecourts at Cobham and Beaconsfield already underway. -- Fuel contracts signed with Arcola Energy, Commercial Group and Arval.
Post period end
-- A further GBP3.1m of products under contract secured making a current total of GBP16.98m under contract and a total pipeline of GBP18.35m
-- Sale of 1.25MW electrolyser to major EPC. -- First UK Power-to-Gas project awarded. -- Fuel contracts signed with Anglo American, Europcar UK and Hyundai. -- Announcement of a proposed placing to raise a minimum of GBP5.5m to;
o generate working capital to support the expanding project order book;
o move toward achieving a positive cash flow position; and
o strengthen the Company's balance sheet, to assist in meeting tender requirements
Key Financial Results for the six months ended 31 October 2016
-- Total revenue and grant funding of GBP2.97m (2015: GBP3.45m), down 14%, reflecting the early stages of build projects during which there is relatively little revenue recognition*:
o Revenue - GBP0.4m (2015: GBP0.66m), down 39%
o Grant income - GBP1.62m (2015: GBP1.37m), up 18%
o Grants receivable for Capital Projects - GBP0.95m (2015: GBP1.42m), down 33%
-- Increase in fixed assets to GBP3.8m (2015: GBP3.13m), up 21% -- Loss from operations GBP2.27m (2015: GBP3.17m), improved by 28% -- Cash burn(+) of GBP1.61m (2015: GBP3.90m), decreased by 59% -- Cash balance of GBP1.7m at period end (2015: GBP2.6m) -- Debtors balances of GBP9.2m (2015: GBP5.14m), up 79%
-- Debtors balance comprises substantially of balances from the California energy commission, UK government, and the EU Joint undertaking, but also balances paid in advance to suppliers.
* Revenue is recognised based on the percentage of costs incurred on a project, which means that the majority of revenue recognition takes place towards the end of a project
(+) Cash burn is a non-statutory measure and is defined underneath the Cash Flow Statement
Corporate Development
-- New Managing Director, Calum McConnell, appointed in Germany to replace Phil Doran who is relocating to Scotland.
Graham Cooley, CEO, commented: "The last six months have seen significant development of our refuelling infrastructures around London and whilst this has been a key area of progress, we have also maintained a focus on our other markets and products. Demand for quotes and interest in our products and expertise continue to grow, resulting in some sizeable contracts for the second half of the current year and beyond. We hope that we can continue to develop our technology, contacts and order book as demand for our products and know-how increases on the back of these high-profile undertakings."
Roger Putnam, Chairman, added: "While changes in world economies and the UK's relationship with Europe in particular, have provided challenges for UK businesses, ITM Power has progressed with its refuelling projects in the UK and continues to receive significant interest from overseas power-to-gas markets, further raising the profile of ITM Power as a world leader in the deployment of PEM electrolysis."
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO +44 (0)114 244 5111 Zeus Capital Andrew Jones / Jonathan Sharp / Hugh Kingsmill Moore +44 (0)20 3829 5000 Tavistock Simon Hudson / James Collins +44 (0)20 7920 3150
About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. In 2016 the Group has continued its work on the Hyfive project, opening two refuelling stations in London, and signed fuel contracts with Arcola Energy, Commercial Group and Arval. The Group currently has GBP16.98m of projects under contract and a further GBP1.37m in the later stages of negotiation (GBP18.35m in total). www.itm-power.com.
CHAIRMAN'S STATEMENT
Our focus continues to be on large scale plant for Power-to-Gas and Hydrogen Refuelling. There has been a particular emphasis on the latter during this six-month period, enabling the Group to open two new refuelling stations in London and sign fuel contracts with Arcola Energy, Commercial Group and Arval. There have also been upgrade and performance-monitoring contracts at our refuelling site in California.
In Power-to-Gas applications, the Thüga Group continue to endorse the efficiency of our units and we are consistently tendering for MW-scale projects many of which have resulted in contracts being awarded towards the end of the six-month period and into the following period.
Financials
Our revenue recognition accounting policy, under which we account as a contracting business, means that our revenue line can be volatile to timing differences depending on the stage of build of our projects at the reference date. This can impact our reported numbers as in the period under review, which saw a number of our projects at relatively early stages of build. Revenue for the first six months of the period under review was GBP0.4m (2015: GBP0.66m), comprising a number of different build and consultancy projects in the UK, Europe and the US. The pre-tax loss for the period was GBP2.27m (2015: GBP3.17m). The reduction is attributable to a decrease in research & development and prototype engineering costs.
Trade and other receivables have increased to GBP9.2m. This largely reflects grant claims yet to be received or pro forma payments made to suppliers.
Cash burn has decreased by GBP2.29m as costly initial outlays on the building of new refuelling stations have been off-set by pre-financing receipts for some of the larger European grants that started in the period. Total grant income in the period was GBP2.57m (2015: GBP1.37m). Cash and short-term deposits at the period end were GBP1.7m (GBP3.3m at 30 April 2016 and GBP2.6m at 31 October 2015).
The board is not recommending the payment of a dividend for the period in accordance with our stated policy.
I am pleased to announce that we have entered into a proposed placing of a minimum ofGBP5.5m, subject to shareholder approval. This funding will be used to support the known pipeline for builds and sales, as well as help demonstrate a stronger balance sheet in new commercial tenders.
Team
I am delighted to welcome Calum McConnell who joins us as the new Managing Director of ITM Power GmbH. Calum will take over from Phil Doran in December. His background in renewable energy and the German utilities market strengthens our team at a crucial time for energy storage in Germany and will hopefully build on Phil's earlier successes. Phil Doran will move to Scotland, remaining with ITM to facilitate its projects and relationships in this other important market.
In order to shape a renewable hydrogen future, ITM Power continues to carefully evaluate the staff and resources of the Company, understanding that, as we drive forward with our commercial development phase, we ask a lot of our people. The Board members would like to express their appreciation of our staff's hard work and dedication towards executing our strategies and driving the Company forwards.
Outlook
Our first reference plant in the Power-to-Gas market, in Frankfurt, for the Thüga Group, has been in operation for over three years now, with the Thüga Group continuing to report 'better than expected' results. The demonstration of a full scale installation in operation, and generating vital performance metrics, is creating a great deal of interest from potential partners and customers. The market in Germany and increasingly the UK and USA shows signs of significant growth and, with negotiations ongoing for sales in other new markets, the momentum looks set to continue.
ITM Power now has four refuelling units in operation, three in the UK and one in California. The collaboration agreement with Shell will lead to the first deployment of a refuelling station on a Shell forecourt within the next few months, further extending the infrastructure in the UK.
Shareholders should note that we continue to pursue all appropriate opportunities to reinforce our position as a leader in energy storage and clean fuel internationally and to turn that position into increased revenues for the Group as our markets mature. The Board is pleased with the progress made to date and looks forward to an even busier second half of the year.
Prof Roger Putnam CBE
Chairman
26 January 2017
CEO's REVIEW
ITM Power has had a good start to the year; despite wider economic factors creating uncertainties in the European Union and further afield which may impact grant funding and cause currency fluctuations looking forward. The Group has a rapidly developing pipeline of qualified quotes for its two principal products. These larger scale platforms continue to be our largest source of income and also make up the bulk of enquiries being received.
The Company's key financial goal remains to become cash flow positive in the shortest period possible and we have successfully kept the cost base from materially increasing.
Products in Build
As of today, the Company has eight products at its Sheffield headquarters either ready to ship, undergoing factory acceptance testing (FAT) or in manufacture, of which one is an Hpac 40, two are refuellers and five are larger scale products. Product cost reduction is being achieved through both manufacturing efficiencies and reduced materials costs.
Power-to-Gas
ITM Power GmbH has now recruited a new Managing Director with experience in renewable energy and the German utilities market in particular, in order to press our advantage in this key sector. With two large scale Power-to-Gas plants already operational and continuing to provide valuable field data, ITM Power continues to secure interest from this market for our products.
The Group plans to showcase a series of large scale electrolyser configurations up to 100MW at Hannover Messe 2017. This is in response to utility and oil and gas industry demand for larger scale industrial installations.
Hydrogen Refuelling Station (HRS) Deployment
The nature of HRS projects is that costs, and in particular non-recurring engineering costs, are subsidised through project income that ultimately results in ITM Power retaining ownership and operation of completed units. This means that the assets will be of value to ITM Power not only as a revenue stream but also as a source of information for continually improving the performance of plant.
ITM Power has a total contracted HRS portfolio today of ten, comprising five operational stations with a further five stations under development.
ITM Power's Nottingham HRS has been operating now for over four years (deployment announced 20 September 2012) and comprises a small 350bar refueller on the Nottingham University site. ITM Power's first commercial scale (80kg/day) refueller, sited less than two miles from Junction 33 on the M1 at The Advanced Manufacturing Park in Rotherham was recently upgraded to 700bar refuelling under the OLEV HRS upgrade scheme.
HyFive, an EU funded project (with OEM partners BMW, Daimler, Honda, Hyundai and Toyota), is to deploy three 700 bar stations in London. Sites at the National Physical Laboratory (NPL) in Teddington and Centre for Engineering and Manufacturing Excellence (CEME) in Rainham, have both opened to the public. The third HyFive site at Shell Services, Cobham is due to open in February 2017.
H2ME, another EU project launched in June 2015, will deploy a further two HRS in London at Beaconsfield off the M40 and at Gatwick Airport.
Technology Progress
ITM Power's Development team continues to focus on lowering product costs, maximising durability and increasing efficiency. Significant cost savings have been made through lowering the use of precious metals, increasing power density (three-fold), minimising part count, optimising protective coating and developing in-house processing and/or component manufacture. The Group tested production-scale stacks to 300% power density just two years ago with unprecedented performance, and degradation below the level of detection. This technology is currently being implemented into customer products for deployment in early 2017.
A greater understanding of mechanisms of degradations has led to the development of world first electrolyser accelerated stress tests that have allowed ITM Power to get innovations to market faster. The Group's research centre was completely renovated during the period with little or no interruption to tests and engineering development.
The scaling-up of technology is also gathering momentum with both multi-megawatt modules and multi-megawatt plant design in the final stages of testing. Additional cost reduction is achieved through the adoption of a less wasteful rectangular active area. The megawatt scale module conserves advantages from previous generations through a reduced number of parts and through patented stack decoupling, enabling agile logistics in manufacture, commissioning and servicing. It has been adopted commercially in the newly launched 100MW plant design.
ITM Power's electrolyser stack materials have surpassed a 35,000 operational hours landmark, with an average degradation rate below two millionths of a volt per hour per cell. This gives a predicted lifetime of over 100,000 hours of high efficiency operation, which equates to a 20 year lifetime at 60% usage or 12 years of continuous operation before materials need to be changed. In addition, internal stack tests have performed over 30,000 rapid response operations (from zero to 100% in less than one second) without any additional degradation. This allows the Group's water electrolysers to respond to fluctuations in renewable energy generation with a sub-second response time. Tests at 300% of normal operating power have surpassed a 20,000 hours operational mark with a degradation rate below two millionths of a volt per hour.
This data further validates the Group's core technology and is testament to the heavy emphasis placed on extensive laboratory testing. Coupled with the rapidly growing quantity of data acquired from equipment in the field, ITM Power is in a very strong position.
Marketing
The Group's marketing efforts remain focused on engagement with multi-national companies that operate within the energy, transport and chemical sectors. In addition, ITM Power was invited to deliver keynote presentations at All-Energy in Scotland and attend the World Hydrogen Energy Conference, Spain where it showcased its 1MW stack assembly.
In May, ITM Power launched the first London HyFive Hydrogen Station at the National Physical Laboratory (NPL) in Teddington. The station was opened to the public by Andrew Jones MP, Transport Minister at the Department for Transport, and was supported by the automotive OEMs Hyundai, Toyota, Honda and Renault partner Symbio FCell, who also presented and participated in a Q&A session.
ITM Power also ran a series of UK hydrogen fleet user workshops and Ride & Drive events. This was in response to the Office of Low Emission Vehicles (OLEV) GBP2m FCEV Fleet Support Scheme which was launched on 10 May. The tour was organised in collaboration with Toyota, Hyundai, Arcola Energy, Symbio FC and GreenTomatoCars.
In October, ITM Power officially launched its third public access hydrogen refuelling station and the second HyFive hydrogen refuelling station in London at the Centre of Engineering Manufacturing Excellence (CEME) in Rainham. The station was opened to the public by Bill Williams, CEO of CEME and Prof Roger Putnam CBE, Chairman of ITM Power. The opening was supported by the automotive OEMs, who also presented and participated in a Q&A session.
Preceding the station opening, a Hydrogen Rally took place to the finishing line at the CEME HRS from two locations, with journalists and transport industry commentators, some of whom became the first to make the 186 mile drive from a wind hydrogen station in South Yorkshire to the solar hydrogen station, demonstrating how excess renewable energy can be used and stored as hydrogen gas to refuel FCEVs in three minutes. A second rally commenced at ITM Power's hydrogen station in Teddington, West London, crossing central London to CEME and highlighting zero emission driving across the Capital's Low Emission Zone. In total 11 FCEVs took part, provided by automotive OEMs Toyota, Hyundai and Symbio FCell Renault and vehicle owners JCB, Anglo American, Johnson Matthey, Green Tomato Cars and ITM Power.
Outlook
With the traction that ITM Power has built in the design and supply of industrial scale, rapid response electrolysers, and with the new funding announced today, the Group is in a very strong position to exploit fast growing utility, petrochemical and hydrogen refuelling markets worldwide. Quotation, sales and order pipelines are stronger than they have ever been. I look forward to reporting on what will be an active second half to the year and, given the current contracted order book, the Directors remain confident of delivering full year results in line with market expectations.
Dr Graham Cooley
Chief Executive Officer
26 January 2017
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Results for the six months ended 31 October 2016
Note Six months Six months
ended 31 ended 31 Year ended 30
October 2016 October 2015 April 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 2 405 655 1,930
Cost of sales (313) (438) (1,483)
--------------- --------------- ----------------
Gross profit 92 217 447
Operating costs
* Research and development (790) (1,066) (1,952)
* Prototype production and engineering (1,614) (2,162) (2,954)
* Sales and marketing (744) (624) (1,364)
* Administration (833) (905) (1,724)
Other operating income - grant income 2 1,616 1,368 3,188
Loss from operations (2,274) (3,172) (4,359)
Investment revenues 2 2 2 -
Loss before tax (2,272) (3,170) (4,359)
Tax 69 394 359
--------------- --------------- ----------------
Loss for the period (2,203) (2,776) (4,000)
OTHER TOTAL COMPREHENSIVE INCOME:
Items that may be reclassified subsequently
to profit or loss
Foreign currency translation differences on
foreign operations 81 (37) (62)
=============== =============== ================
Net other total comprehensive income (2,122) (2,813) (4,062)
=============== =============== ================
Loss per share
Basic and diluted (1.0p) (1.6p) (2.0p)
=============== =============== ================
Weighted average number of shares 216,892,973 178,100,996 184,566,326
=============== =============== ================
The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share or increase the net loss per share.
All results presented above are derived from continuing operations.
The loss for the period is equal to the total comprehensive expense for the period.
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Results for the six months ended 31 October 2016
Called Share Foreign
up share premium Merger Exchange Retained Total
capital account reserve reserve loss Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2015 8,905 54,738 (1,973) 116 (51,442) 10,344
Loss for the period - - - - (2,776) (2,776)
Other comprehensive
income for the
period - - - (37) - (37)
--------- -------- --------- --------- ---------- ---------
Total Comprehensive
income for the
period - - - (37) (2,776) (2,813)
Issue of share - - - - - -
capital
Credit to equity - - - - - -
for equity settled
share based payments
At 31 October 2015
(unaudited) 8,905 54,738 (1,973) 79 (54,218) 7,531
========= ======== ========= ========= ========== =========
At 1 May 2016 10,845 58,151 (1,973) 54 (55,442) 11,635
Loss for the period - - - - (2,203) (2,203)
Other comprehensive
income for the
period - - - 81 - 81
--------- -------- --------- --------- ---------- ---------
Total Comprehensive
income for the
period - - - 81 (2,203) (2,122)
Issue of share - - - - - -
capital
Credit to equity - - - - - -
for equity settled
share based payments
At 31 October 2016
(unaudited) 10,845 58,151 (1,973) 135 (57,645) 9,513
========= ======== ========= ========= ========== =========
The accompanying notes form part of these financial statements.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
31 October 2016
As at 31 As at As at
October 31 October 30 April
2016 2015 2016
(audited)
(unaudited) (unaudited) GBP'000
GBP'000 GBP'000
NON CURRENT ASSETS
Development Costs 352 - 252
Property, plant and
equipment 3,447 3,126 3,024
------------ ------------ ----------
3,799 3,126 3,276
CURRENT ASSETS
Inventories 445 1,572 291
Trade and other receivables 9,195 5,137 6,487
Cash and cash equivalents 1,725 2,597 3,336
------------ ------------ ----------
TOTAL CURRENT ASSETS 11,365 9,306 10,114
CURRENT LIABILITIES
Trade and other payables (5,651) (4,859) (1,755)
Provisions - (42) -
------------ ------------ ----------
TOTAL CURRENT LIABILITIES (5,651) (4,901) (1,755)
NET CURRENT ASSETS 5,714 4,405 8,359
------------ ------------ ----------
NET ASSETS 9,513 7,531 11,635
EQUITY
Called up share capital 10,845 8,905 10,845
Share premium account 58,151 54,738 58,151
Merger reserve (1,973) (1,973) (1,973)
Foreign Exchange Reserve 131 79 54
Retained loss (57,645) (54,218) (55,442)
------------ ------------ ----------
TOTAL EQUITY 9,513 7,531 11,635
============ ============ ==========
The accompanying notes form part of these financial statements.
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Results for the six months ended 31 October 2016
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2016 (unaudited) 2015 (unaudited) 2016 (audited)
GBP'000 GBP'000 GBP'000
Loss from operations (2,274) (3,172) (4,359)
Adjustments:
Depreciation of property,
plant and equipment 415 264 619
Loss on disposal 22 - 67
Share-based payment expense - - -
----------------- ----------------- ----------------
Operating cash flows before
movements in working capital (1,837) (2,908) (3,673)
(Increase)/decrease in inventories (154) (1,060) 221
(Increase) in receivables (2,803) (629) (1,998)
Increase/(decrease)in payables 3,838 1,564 (1,540)
Increase/(decrease) in provisions - (66) (108)
----------------- ----------------- ----------------
Cash used in operations (956) (3,100) (7,098)
Income taxes received 252 - -
----------------- ----------------- ----------------
Net cash used in operating
activities (704) (3,100) (7,098)
----------------- ----------------- ----------------
Investing activities
Interest received 2 2 -
Purchases of property, plant
and equipment (839) (844) (1,167)
Proceeds from sale of plant
& equipment 3 - -
Payments for intangible
assets (100) - (252)
----------------- ----------------- ----------------
Net cash (used in) investing
activities (934) (842) (1,419)
----------------- ----------------- ----------------
Financing activities
Proceeds from issue of shares - - 5,819
Costs associated with fund
raise - - (466)
----------------- ----------------- ----------------
Net cash from financing
activities - - 5,353
----------------- ----------------- ----------------
(Decrease) in cash and cash
equivalents (1,638) (3,941) (3,164)
Cash and cash equivalents
at the beginning of the
period 3,336 6,576 6,576
----------------- ----------------- ----------------
Effect of foreign exchange
rate changes 27 38 (76)
Cash and cash equivalents
at the end of the period 1,725 2,597 3,336
================= ================= ================
Cash Burn
Cash burn is a measure used by key management personnel to monitor the performance of the business.
(Decrease) in Cash and Cash
equivalents per the cash
flow statement (1,638) (3,941) (3,164)
Effect of foreign exchange
rates 27 38 (76)
Less share issue proceeds - - (5,819)
Cash Burn (1,611) (3,903) (9,059)
------- ------- -------
The accompanying notes form part of these financial statements.
The condensed Interim Financial Statements were approved by the board of Directors on
26 January 2017
Notes to condensed interim financial statements
1. Basis of preparation of interim figures
The interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted for use in the EU. While the financial information included in this interim announcement has been compiled in accordance with the recognition and measurement principles of IFRSs, this announcement does not itself contain sufficient information to comply with IFRSs. This interim financial information does not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006. The financial information for the six months ended 31 October 2015 have been subject to an interim review in accordance with ISRE2410 by the Group's auditors. The financial information for the six months ended 31 October 2016 have not been subject to an interim review. The information relating to the year ended 30 April 2016 has been extracted from the Group's published financial statements for that year, which contain an unqualified audit report that does not draw attention to any matters of emphasis, and did not contain statements under section 498(2) and 498(3) of the Companies Act 2006 and which have been filed with the Registrar of Companies.
The Group's condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The principle accounting policies adopted by the group are as applied in the Group's latest annual audited financial statements.
The financial statements have been prepared on the historical cost basis. The principle accounting policies adopted by the Group are as applied in the Group's latest audited financial statements.
Going concern
The Directors announced today that the Company has entered into a proposed placing to raise a minimum of GBP5.5m, conditional on passing of resolutions at a General Meeting to be held on 16 February 2017.
The Directors have prepared a cash flow forecast (the "Forecast") for the period to 31 January 2018 (the "Forecast Period"). The Forecast includes a minimum of GBP5.5m proceeds from the equity fund raise less expenses relating to the fundraise, together with a number of assumptions, including the level of projected sales and grant income, the timing of which is inherently uncertain.
Whilst the Directors anticipate that the additional financing of a minimum of GBP5.5m will be required in order to take advantage of the various opportunities that it is actively pursuing, based on the above, the Directors have a reasonable expectation that the Company and Group can continue to meet their liabilities as they fall due, for a period of not less than twelve months from the date of approval of this condensed set of financial statements.
Accordingly, the financial statements have been prepared on a going concern basis.
2. Revenue, other operating income and Investment Income
In 2016, no single customer contract accounted for more than 10% of total revenue (2015: Customer A - GBP552,000).
An analysis of the Group's revenue 2016 2015
is a follows: GBP'000 GBP'000
Continuing operations
Revenue from construction contracts 213 579
Consulting services 157 23
Maintenance services 23 27
Refuelling/ electricity sales 4 -
Other 8 26
-------- --------
Revenue in the Consolidated Income
Statement 405 655
Grant income 1,616 1,368
Investment income 2 2
-------- --------
2,023 2,025
======== ========
Revenues from major products and services
The Group's revenues from its major products and services were as follows:
2016 2015
GBP'000 GBP'000
Continuing operations
Electrolyser platform sales 236 606
Consultancy 157 23
Other 12 26
-------- --------
Consolidated revenue (excluding investment
revenue) 405 655
======== ========
GEOGRAPHIC ANALYSIS OF REVENUE
A geographic analysis of the Group's revenue is set out below:
2016 2015
GBP'000 GBP'000
United Kingdom 150 600
Rest of Europe 174 55
North America 81 -
405 655
========= =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BAMTTMBTTTAR
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January 26, 2017 02:01 ET (07:01 GMT)
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