Business
Annual Financial Report
Annual Financial Report.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nPowerHouse Energy Group plc\n\n(“PowerHouse†or the “Companyâ€)\n\nFinal Results FOR THE YEAR ENDED\n\n31 DECEMBER 2016\n\nPowerHouse is pleased announce its audited results for the year ended 31 December 2016. A copy of the annual report and accounts will be posted to shareholders shortly and will be available from the Company’s website, www.powerhouseenergy.net, together with a notice of the Company’s annual general meeting.\n\nFor more information, contact:\n\n\n\nPowerHouse Energy Group plcKeith Allaun, Executive Chairman\nTel: +44 (0) 203 368 6399\n\n\n\nWH Ireland Limited (Nominated Adviser)James Joyce / James Bavister\nTel: +44 (0) 207 220 1666\n\n\n\nTurner Pope Investments Ltd (Joint Broker)Ben Turner / James Pope\nTel: +44 (0) 203 621 4120\n\n\n\nSmaller Company Capital Limited (Joint Broker)Jeremy Woodgate\nTel: +44 (0) 203 651 2910\n\n\n\nIFC Advisory (Financial PR & IR)Tim Metcalfe / Miles Nolan\nTel: +44 (0) 203 053 8671\n\n\n\n\n\n\n\n\nThe information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.\n\nChairman’s Report\n\nEngineering is an exacting, demanding, and precise science. Designing from first principles, constructing from scratch, and commissioning the only modular ultra-high temperature gasification reactor system available is a time-consuming process. For our company 2016 was taken up almost exclusively by this effort.\n\nI am therefore pleased to report success with both product development and funding in the year under review. This momentum has continued into the first few months of 2017 leaving our Company stronger, commercially and financially, than it has been in the past 5 years.\n\nWaste market Background\n\nAccording to a World Bank study, it is anticipated that the amount of waste we generate will double from 2013 to 2025. The MacArthur Foundation reports that by 2050 the plastic waste in our Oceans will weigh more than all of the fish combined. We are beginning to do a better job at managing that waste through rigorous recycling and reuse efforts. But more must be done in order to avert an ecological crisis in our children’s lifetimes.\n\nEnergy recovery has been a major objective of waste management for over 50 years. PowerHouse is taking energy recovery to th...