Business
2021 Full Year Results and Current Trading
2021 Full Year Results and Current Trading.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \n \n \n The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n \n \n \n \n \n 27 June 2022\n \n \n \n Invinity Energy Systems plc\n \n \n \n \n \n \n \n \n (\"Invinity\" or the \"Company\")\n \n \n \n \n \n \n 2021 Full Year Results and Current Trading\n \n \n \n \n \n \n \n \n Invinity Energy Systems plc (AIM:IES), a\n leading global manufacturer of utility-grade energy storage\n , is pleased to announce its Full Year Results for the year ended 31 December 2021 and provide an update on current trading.\n \n \n \n \n \n Invinity's 2021 Annual Report and Financial Statements will shortly be available for download\n \n \n from the Company's investor portal\n \n \n . The report will be posted to shareholders in the coming days.\n \n \n \n \n \n \n 2021 Highlights\n \n \n \n \n \n \n Financial\n \n \n ·\n Revenue for the year of £3.2m, a 690% increase vs 2020;\n \n \n ·\n Year-end closed sales backlog of £13.8m*;\n \n \n ·\n Year-end inventory of £9.9m, including prepaid inventory;\n \n \n ·\n Year-end Cash of £26.4m (2020: 22.0m);\n \n \n ·\n The Group remains debt free, excluding leases.\n \n \n \n \n \n *This figure includes the Elemental Energy deal which was signed on 31 December 2021 subject to two conditions precedent, which were satisfied by 2 February 2022.\n \n \n \n \n \n Commercial\n \n \n \n \n \n ·\n The Group significantly expanded its commercial opportunities pipeline during 2021 and the first half of 2022, closing significant deals from the 'Base' category whilst expanding 'Advanced' and 'Qualified' categories. Year-on-Year commercial pipeline progression can be seen below:\n \n \n \n \n \n \n \n Date\n \n \n \n \n \n \n Closed\n \n \n \n \n (MWh)\n \n \n \n \n \n \n Base\n \n \n \n \n (MWh)\n \n \n \n \n \n \n Advanced\n \n \n \n \n (MWh)\n \n \n \n \n \n \n Qualified\n \n \n \n \n (MWh)\n \n \n \n \n \n \n \n 17-May-21\n \n \n \n (2020 Annual Report)\n \n \n \n \n \n 19.1\n \n \n \n \n 10.1\n \n \n \n \n 30.8\n \n \n \n \n 232.0\n \n \n \n \n \n \n 02-Nov-21\n \n \n \n (2021 Placing)\n \n \n \n \n \n 19.1\n \n \n \n \n 17....