AFC Energy shares fall as interim loss widens, CFO Lewis to resign

(Alliance News) - AFC Energy PLC on Wednesday reported its interim pretax loss widening as it ...

Alliance News 29 June, 2022 | 8:38AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - AFC Energy PLC on Wednesday reported its interim pretax loss widening as it announced the resignation of Chief Financial Officer Graeme Lewis in April 2023.

Pretax loss in the six months ended April 30 widened to GBP8.5 million from GBP3.6 million a year ago.

Revenue from customer contracts rose to GBP275,590 from GBP149,062. This was however more than offset by an increase in operating costs to GBP8.6 million from GBP3.6 million. The firm's half-year cash balance fell to GBP48.6 million from GBP61.3 million over the year.

AFC aims for full-year growth in revenue, it added. Meanwhile, the Surrey-based hydrogen power generation technologies provider said its Chief Financial Officer Graeme Lewis wishes to retire by the end of the firm's current financial year on April 30, 2023.

Regarding the company's future, Chief Executive Officer Adam Bond said: "I am pleased that following the launch earlier this year of our Power Tower fuel cell platform, AFC Energy will see several of these new systems being operated by strategic partners in off-grid environments in the coming months. We are carefully selecting strategic partners that have a pressing need and desire to lead in the decarbonisation of their industries in line with net zero aspirations."

AFC Energy shares were 5.4% lower at 21.85 pence each in London on Wednesday morning.

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
AFC Energy PLC 33.22 GBX 6.89 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.