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
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
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January 26, 2017 02:01 ET (07:01 GMT)