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23 Mar 2021 | 10:53

First-half losses widen in Amte's first results since IPO

(Sharecast News) - Specialist lithium and sodium battery developer Amte Power reported revenue of £0.62m in its first half on Tuesday, rising from £0.58m year-on-year. The AIM-traded firm said its loss before tax widened to £1.46m for the six months ended 31 December, from £0.86m a year earlier, which was in line with its expectations.

It said the rise in losses reflected increased investment in product development, the recruitment of key employees, and marketing as it moved towards commercialisation.

Cash and cash equivalents at period end totalled £0.22m, down from £0.6m 12 months prior.

On the operational front, Amte said it secured new commercial contracts and grant funding in support of its product development work, winning 10 new projects in the period with a total value of £1.9m.

Seven of the 10 projects were expected to complete by year-end on 30 June.

Since the first half ended, the company said it had signed a framework agreement with the UK Battery Industrialisation Centre (UK BIC) in February, giving it access to the cell manufacturing facility, test its manufacturing processes for some of its battery cells, and "materially expand" its production capacity.

It also completed its initial public offering with admission to AIM on 12 March, alongside an oversubscribed placing to new and existing shareholders, raising gross proceeds of £13m.

Looking ahead, Amte said it believed that the full-year outlook would be in line with market expectations, and that income would continue to grow through the second half.

"We were very pleased by the response to our IPO from investors," said chief executive officer Kevin Brundish.

"Joining the market has coincided with a period of significant interest in our battery cells as governments globally look to decarbonise their economies.

"The IPO has provided us with sufficient capital to take our battery cells into production as we respond to this growing interest."

At 1035 GMT, shares in Amte Power were down 4.56% at 272p.
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