Industrial fuel cell power company AFC Energy claims it is on the right track despite recording an operating loss of £2.7m ($3.5m) in its latest interim results.
During the six-month period ended 30th April 2017, the UK-based business continued to recognise grant income under the European Framework Programme 7 for the POWER-UP and ALKOMMONIA projects, but at a lower level as they enter their final stages.
The company also cites direct labour and material costs associated with the projects as an impact in cost of sales. Despite this, its cash balance as at 30th April 2017 was £8.4m ($10.8m) – a whopping 200% increase compared to the year prior.
On track
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