Business
Interim Results 2017
Interim Results 2017.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 8996R RedT Energy PLC 27 September 2017 \n\nThis announcement contains inside information\n \n27 September 2017\nredT energy plc\n \n(\"redT\" or the \"Company\")\n \nInterim Results 2017\n \nredT energy plc (AIM:RED), the energy storage technology company, is pleased to announce its results for the six months ended 30 June 2017. Furthermore, the Company can confirm that since the announcement of redT's FY 2016 results (on 24 April 2017), orders for redT units have increased 220% alongside a 78% increase in production and deployments.\n \nCommenting on the results, redT CEO, Scott McGregor said:\n\"redT is now gaining momentum alongside the expanding energy storage sector and the Company has recently entered new markets with the potential for volume sales both organically and through distribution partners. This strategy has resulted in the delivery of commercial orders and an augmented pipeline.\nWe have invested in operations for delivery and growth during this crucial expansion phase of the Company. Our team has worked tirelessly to get redT's flagship 1MWh Olde House project ready for customer demonstration and I look forward to hosting both investors and potential customers at the site in the near future. \nAs highlighted in our AGM statement, H1 2017 was slower than expected as we scaled our operations for growth. I'm pleased to report that we have made significant progress and, following key recent achievements, we are now well on the way to delivering our strategic goals.\"\n \nSUMMARY for the period ending 30 June 2017\n \nFINANCIAL HIGHLIGHTS \n· EBITDA loss of €3.2m (H1 2016: loss €2.2m) in line with management expectations following strategic investment into the business, with headcount resources growing by 97% year-on-year\n· Revenue of €4.5m (H1 2016: €4.5m) in line with prior period as a result of revenue generation from the Company's Camco business\n· Cash and cash equivalents up on prior year closing the period at €13.2m (FY 2016: €2.8m) due to proceeds from the issue of share capital\n \nOPERATIONAL HIGHLIGHTS\n \nCommercial \n· Commercial orders for 6 units\n· 1st Gen 2 15kW-75kWh machine s...