Results for the period ended 31 December 2012
The Company has benefited from a strong performance from the flagship Dual-Fuel™ division during this financial year which saw group revenues increase to £7.94m (2011: £4.59m).
The gross profit margin for the Group remained strong at 44% (2011: 56%), despite a change in sales mix.
Gross profit increased to £3.52m (2011: £2.56m) following strong performance from the flagship Dual-Fuel™ division.
Operating losses for the year reduced to £2.22m (2011: £2.24m).
Loss per share reduced to 1.53p (2011: 2.13p), following the issue of new capital.Cash on hand at 31 December 2012 was £3.20m (2011: £2.42m). This reflects proceeds of the Placing of new ordinary shares in October which raised approximately £3.35m before expenses.
- Group revenue increased by 73% to £7.94m, (2011: £4.59m)
- Revenue from Dual-Fuel™ division increased by 101% to £6.64m, (2011: £3.30m)
- Gross profit increased to £3.52m (2011: £2.56m), driven by Dual-Fuel™ systems and development revenue
- £3.20m of cash at 31 December 2012, (2011: £2.42m)
- £3.35m (before expenses) successfully raised through equity issue in September 2012