Business
Unaudited Preliminary Results
Unaudited Preliminary Results.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 9765V AFC Energy Plc 12 April 2019 \n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n12 April 2019\nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \nUnaudited Preliminary Results\nAFC Energy (AIM: AFC), the leading alkaline fuel cell power company is pleased to announce unaudited preliminary results for the year ended 31 October 2018.\nFY18 Highlights\n· Development of new high-power density alkaline fuel cell technology with potential use in applications where space and weight are key considerations, opening opportunities for early revenue generation through licensing or joint development in existing markets\n· Concluded funded engineering study for deployment of fuel cell system in Australia at Southern Oil's Gladstone refinery\n· Continuing joint development with De Nora with further improvements in electrode longevity and performance whilst reducing cost\n· Completed global tender process and chose Advanced Plastics to be our flow plate mass manufacturing partner\n· Successfully developed EV charging solution and installed a demonstration unit at our Dunsfold facilities\n· Completed detailed \"Go to market\" studies confirming addressable markets, distribution strategy, product benchmarking and resources required\n· Invited to join the Hydrogen Council and actively participating in the debate to promote the Hydrogen economy and develop long term strategic relationships with like-minded global industrial companies\n· Commenced engagement with international industrial partners to discuss joint product development and market initiatives\n· Operating loss of £ 5.0 million (2017: £ 5.5 million)\n· Cash reserves at 31 October 2018 of £ 2.6 million (2017: £ 6.7 million)\nPost Period Highlights\n...