Sep 27, 2012 - Italian clean energy firm Acta SpA (LON:ACTA) today said it had cut its operating loss in the first half of 2012 by 10% to EUR 1.5 million (USD 1.9m).
The narrower deficit was due to lower operating costs, following the company's exit from the photovoltaic sector in the second half of 2011, prompted by unfavourable changes in the Italian legislation. Acta is now focused on products that generate onsite and on-demand dry hydrogen.
Turnover was down to EUR 276,000 from EUR 5.9 million a year ago, when revenues mainly came from photovoltaic project sales and installation services. Revenues from electrolyser products and research services increased to EUR 102,000 from EUR 34,000.
The company said that in the half-year period in had made advances towards full commercialisation, including creating partnerships with key fuel cell players and developing products designed to meet their requirements. Chairman Robert Drummond, however, said that a slower-than-expected rate of adoption of the company's products due to factors such as speed of customer product integration and testing processes, had led to "a slippage of the Board's revenue growth expectations for 2012 and to a lesser degree for 2013." The company still expressed confidence that volume purchase deals and distribution of its products would kick off in the next six months and there would be a steady revenue increase and loss reduction in 2013.