AFC Energy's loss grows in H1 FY 2012/13

Jul 9, 2013 - UK fuel cells maker AFC Energy Plc (LON:AFC) saw its loss widen to GBP 2.34 million (USD 3.5m/EUR 2.7m) in the six months through April from GBP 1.9 million a year earlier.

On Monday the company said its operating expenses had grown by GBP 460,000 as it expanded its technical and manufacturing teams, added manufacturing capacity and opened its first office in South Korea. As a result net cash outflow stood at GBP 2.03 million in the first six months of AFC’s fiscal 2012/13 from GBP 1.48 million previously.

Revenue declined to GBP 101,400 from GBP 180,500.

The company says it utilises platinum free materials, design tools and manufacturing processes at scale to develop fuel cells that will compete with conventional power generation technologies. It is using hydrogen from the chlorine, clean coal and waste-to-energy industries. In the November 2012-April 2013 period it recognised income from its commercialisation deal with waste-to-energy specialist Waste2Tricity and grant income under the European Framework Programme 7 Laser-cell project.

(GBP 1 = USD 1.494/EUR 1.161)

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