Business
Full Year Results
Full Year Results.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \n \n RNS Number : 1509T\n Invinity Energy Systems PLC\n 16 July 2020\n \n \n \n \n 16\n July 2020\n \n \n Invinity Energy Systems plc\n \n \n \n \n \n (\"Invinity\" or the \"Group\")\n \n \n \n \n \n 2019 Full Year Results\n \n \n \n \n \n Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks, today announces its full year results for the year ended 31 December 2019.\n \n \n \n \n \n It should be noted that these results are for the period prior to redT energy's merger with Avalon which took place post the financial year end.\n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n Financial\n \n \n \n \n \n 2019 financials were in line with management expectations. 2019 saw the sale of the first Gen 3 machine generating £0.2m revenue. Operating costs reduced significantly as development costs fell with the move from Gen 2 to Gen 3. Operating costs also reduced due to cost cutting measures introduced from March 2019 when the Strategic review was announced. In November 2019, Interim Funding was secured for the Avalon Merger process, this was partially drawn (£1.1m) by the year end. \n \n \n \n \n \n · \n Revenue1 £0.7m (2018: £2.5m)\n \n \n · \n Trading loss1 6.9m (2018: £11.7m loss)\n \n \n · \n Operating loss1 of £7.4m (2018: loss £12.3m)\n \n \n · \n Year-end free cash £1.2m (2018: £3.3m)\n \n \n · \n Loans and borrowings £1.1m (2018: £Nil)\n \n \n \n \n \n \n (1) \n \n From continuing operations\n \n \n \n \n \n Operational\n \n \n \n \n \n · \n Contract to supply the Energy Superhub Oxford with 5MWh (162 units) of Invinity flow batteries\n \n \n · \n Sale of remaining Camco US business \n \n \n · \n Further commercial developments during the period\n \n \n \n \n \n Post period activity\n \n \n · \n Successful merger of redT energy and Avalon to create a leading global player in the flow battery sector\n \n \n · \n Secured total debt and equity funding of £14.9m\n \n \n · \n Strong pipeline of near and medium term opportunities\n \n \n \n \n \n The table below details the latest analysis of Invinity's commercial prospects as at 1 July 2020. These are management estimates and they do not represent forecasts of the future f...