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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Voller Energy | LSE:VLR | London | Ordinary Share | GB00B05KZ102 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8703Q Voller Energy Group PLC 06 September 2005 6 September 2005 Voller Energy Group PLC ("Voller" or " the Company") Preliminary Results for the year ended 30 June 2005 Voller Energy Group PLC which is a leader in portable fuel cell systems and one of the first companies in the world who have deliverable technology, announces preliminary results for the year ended 30 June 2005. Highlights: * Floated on AIM on 1 February 2005 raising #10 million * Five months since the float, progress in line with expectations * Early customer relationships in place * Version three of VE100 portable fuel cell product CE certified * Market opportunity accelerating * R&D and engineering spend to exploit this opportunity * Well positioned in rapidly growing market area * Significantly enhanced intellectual property John Brown, Chairman, commented: "Voller has made excellent progress on key fronts since gaining admission to the AIM market on 1 February 2005. The management team have achieved the progress as planned and outlined in the placing prospectus. We have significantly strengthened the Board, our engineering personnel, moved into new premises and successfully integrated the acquisition of fuel processor technology. Climate change and global warming concern everyone. New technologies can be used to help produce the energy we all need, but with reduced greenhouse gas emissions. Fuel cells are one exciting example of these new technologies. It is our objective to be one of the first to take fuel technology to a mass market by combining fuel processor technology with our fuel cell systems, allowing power generation from hydrocarbon products." http://www.voller.com For further information please contact: Stephen Voller, Chief Executive Nick Lyon/James Benjamin Voller Energy Group Plc Hudson Sandler Tel: 01256 813900 Tel: 020 7796 4133 Notes to editors: Voller Energy Group plc Voller is one of the world's first commercial developers and manufacturers of portable fuel cell systems for use as battery chargers and mobile generators. Voller is initially targeting commercially attractive areas including the cordless power tool, leisure boating, recreational vehicle and military markets. These are likely to be early adopters of the technology as the benefits of using fuels cells, such as low noise, no toxic emissions and health and safety issues, are important drivers. The portable power market is generally defined up to 10kW and is expected to be worth $17 billion by 2011 (Canadian Fuel Cell Commercialisation Roadmap - Price Waterhouse Coopers, March 2003). Importantly, Voller's business is not dependent on the emergence of a hydrogen infrastructure, which may take many years to develop. Through its acquisition of intellectual property from KAT-Chem in February 2005, Voller has acquired a low cost fuel processor technology which means that it can extract the hydrogen found in fuels such as propane, LPG, diesel and the military fuel JP-8. This supply of hydrogen from commonly available fuels should ensure the early and widespread adoption of fuel cell technology. About Fuel Cells Fuel cells work by converting the chemical energy in hydrogen to electrical energy. Hydrogen is combined with oxygen from the air across a special membrane. The outputs from the reaction are electricity, heat and water. No toxic emissions are produced. In order to provide sufficient voltage for a useable amount of electrical energy, several membranes are assembled between plates and assembled into a stack. The fuel cell stack that Voller currently use in the VE100 is about the size and weight of a small box of chocolates, and each plate about the size of an 'After Eight Mint'. Normally 20 to 30 plates are assembled in a single fuel cell stack. Core technology developed at Voller is the fuel cell control systems that allow integrated battery charging systems to operate at high efficiency. These systems involve the close monitoring of all inputs and outputs, with software written by Voller that controls the fuel cell system effectively. CHAIRMAN'S STATEMENT I am delighted to welcome all new shareholders who have invested in the Company over the last few months and I am pleased to report on the activities of the Group during the year to 30 June 2005. On 1 February 2005, Voller Energy Group Plc gained admission to the Alternative Investment Market (AIM) of the London Stock Exchange. The Company raised #10m before costs and this additional equity capital will enable the Group to create the infrastructure required, and to continue research and development to exploit the market opportunities available to us. Highlights Since beginning operations as a public company we have made good progress in setting up new manufacturing facilities, creating a sales distribution network, building relationships with key customers and have made significant progress in fuel processor development. The company has established a new manufacturing centre in Basingstoke, United Kingdom and a new research centre in Bremen, Germany. In May this year, the third generation of the VE100 was launched. It can produce AC mains electricity which would be available for the operation of electrical appliances in areas where mains power is not available, and simultaneously run 12V DC electrical appliances that are designed to fit into a car lighter socket. The VE100 v3 is CE certified and the Group believes that this is the first time that a product of the type has carried a CE marque. The key to the Group's future growth is the development of fuel processor technology. Fuel Processors extract hydrogen from commonly available hydrocarbon fuels such as propane or diesel. This means that the Group is not dependent on a hydrogen infrastructure emerging. The Company has acquired intellectual property from KAT-Chem, a German fuel processor company, to focus its development effort in this area. In addition, the Company has appointed Dr Mark Turpin as Chief Technology Officer. Dr Turpin has a PhD in material science from the University of Sheffield in the UK and is the author of over 25 papers and he has been responsible for filing over 20 fuel cell related patents. The Company has also retained additional staff qualified to PhD level in Bremen and strengthened its engineering complement in Basingstoke. The Group continues to build know how and file patents on both its system integration technology and in the fuel processor area. Product roll out of multiple systems for potential customers like Speedy Hire will allow the Group to build early reference relationships and the Group is optimistic of building further partnerships in the construction and leisure sectors, as well as the military market. Results The Company raised #9.1m net (#10m gross) at the flotation. As of the 30 June the Company had #8.42m of cash, considerably more than forecast. The losses were also less than forecast at #0.812m. The Group benefits from a lower cash burn than most other fuel cell companies because the policy of buying best in class components means it has reduced R&D expenditure. The policy of dealing through distributors and a few large customers on an OEM basis means that the sales and marketing expenditure is also minimised. Outlook Voller Energy believes that proton exchange membrane (PEM) fuel cells offer the greatest likelihood of mass market adoption because they are likely to be the lowest cost system. However, PEM systems need hydrogen to operate. Governments around the world are developing hydrogen infrastructures but it may take several years for these to develop. Instead, Voller is focussed on the hydrocarbons in propane, LPG or diesel which contain hydrogen in a chemical form. Through the acquisition of intellectual property from KAT-Chem, Voller Energy has acquired a low cost fuel processor technology that can extract the hydrogen that a PEM fuel cell needs from these commonly available fuels and is therefore not dependent upon a hydrogen infrastructure emerging. The infrastructure developed since the flotation in terms of engineering, sales and distribution and manufacturing will continue to be developed. The resources raised from the float will be used by the Group to take advantage of its unique technology in its chosen markets over the coming financial year. John Brown Chairman 5 September 2005 Voller Energy Group Plc Consolidated profit and loss account for the year ended 30 June 2005 Note 2005 2004 #'000 #'000 Turnover 42 8 Cost of sales 114 29 Gross Loss (72) (21) Administrative expenses - Exceptional costs 3 194 Other 717 125 911 125 Operating Loss (983) (146) Interest receivable 171 1 Interest payable - (1) Loss on ordinary activities before and after taxation (812) (146) Dividends - 8 Retained loss for the financial year (812) (138) Basic and diluted loss per ordinary share 4 (5.31)p (1.54)p All amounts relate to continuing activities All recognised gains and losses in the current and prior year are included in the profit and loss account Voller Energy Group Plc Consolidated balance sheet at 30 June 2005 2005 2005 2004 2004 #'000 #'000 #'000 #'000 Fixed Assets Intangible assets - - Tangible assets 150 6 150 6 Current assets Stocks 56 - Debtors 175 27 Cash at bank and in hand 8,429 239 8,660 266 Creditors: amounts falling due within one (275) (79) year Net Current assets 8,385 187 Total assets less current liabilities 8,535 193 Capital and Reserves Called up share capital 459 189 Share premium account 8,884 - Merger reserve 161 161 Profit and loss account (969) (157) Shareholders' funds - equity 8,535 193 Voller Energy Group Plc Consolidated cash flow statement for the year ended 30 June 2005 Note 2005 2005 2004 2004 #'000 #'000 #'000 #'000 Net cash inflow from operating 5 (803) (114) activities Returns on investment and servicing of finance Interest received 171 1 Interest paid - (1) Net cash inflow from returns on investment and servicing of finance 171 - Capital expenditure and financial investment Purchase of tangible fixed Assets (152) (4) Purchase of intangible fixed Assets (180) - (332) (4) Net cash outflow from capital expenditure and financial investment (964) (118) Equity dividends (refunded) paid - 8 Cash outflow before management of liquid resources and financing (964) (110) Financing Issue of ordinary share capital 270 - Premium on issue of ordinary shares 9,730 350 Expenses of issue of ordinary shares (846) - Convertible loan - (35) Cash inflow from financing 9,154 315 Increase in cash in the year 8,190 205 Notes to the Financial Statements 1. Corporate restructuring On 25 January 2005 the Company issued 189,740 ordinary shares of #1 to acquire the whole of the issued share capital of Voller Energy Limited. These shares were subsequently converted into 2p shares. On 1 February 2005 the Company placed 13,513,513 ordinary 2p shares at a price of 74p. On the same date the Company was admitted to the Alternative Investment Market (AIM) of the London Stock Exchange. The consolidated group financial statements incorporate the results of Voller Energy Group Plc and of its subsidiary undertaking Voller Energy Limited as at 30 June 2005 using the merger accounting method. Voller Energy Group Plc was incorporated on 28 May 2004 and as such the comparative figures are proforma and represent the results and net assets of Voller Energy Limited, adjusted for the shares issued to effect the merger. 2. Basis of accounting The financial statements have been prepared under the historical cost convention and are in accordance with applicable accounting standards. 3. Exceptional items 2005 2004 #'000 #'000 Impairment of intangibles 180 - Leasehold improvements expensed 14 - 194 - 4. Earnings per share Loss per share for the year of 5.31p (2004 : 1.54p) has been calculated on the basis of the loss after taxation of #812,000 (2004: #146,000 ) and the weighted average number of shares in issue of 15,299,662 (2004: 9,487,000). There are no potentially dilutive shares in issue. 5. Reconciliation of Operating Loss to net cash flow from operating activities 2005 2004 #'000 #'000 Operating loss (983) (146) Depreciation 8 1 Impairment of intangibles 180 - Increase in stocks (56) - Increase in debtors (148) (24) Increase in creditors 196 55 (803) (114) 6. Financial information The financial information set out in the announcement does not constitute a full financial statement of the Group's affairs for the year ended 30 June 2005. The Group's auditors have reported on the full accounts for the said year and have accompanied them with an unqualified report. The accounts have yet to be delivered to the Registrar of Companies. The annual report and accounts will be posted to shareholders in due course. Copies of the annual report and accounts will be available for members of the public at the Group's Registered Office, Rawdon House, Bond Close, Kingsland Business Park, Basingstoke, Hampshire RG24 8PZ. The preliminary statement was approved by the board on 5 September 2005. This information is provided by RNS The company news service from the London Stock Exchange END FR PKPKQCBKDBCK
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