Energetix Group plc Half Yearly Report
Consolidated Interim Financial Statements for the six months ended 30 June 2011
Energetix Group plc, the AIM listed group with a proprietary low-cost microCHP domestic boiler and an innovative stand-by power product for mission critical installations, announces its Interim Results for the six month period to 30 June 2011.
During the period, Energetix has transformed from a product development company to a group focussed on commercialising its two leading products underpinned by significant IP and compelling value propositions across its key markets.
Operational Highlights (Genlec)
- Kingston microCHP boiler development is now complete
- CE certification for full Kingston microCHP boiler has been achieved
- Employee-led Kingston boiler trials commenced in 3 locations
- Currently manufacturing Kingston microCHP boilers for field trials this winter
- Supply chain in place capable of delivering volume low cost Kingston microCHP appliances
- In discussions with major potential customers for 2011 trials
Operational Highlights (Pnu Power)
- Pnu Power receives repeat orders from National Grid, UK and USA
- First Pnu Power DC100 Data Centre Installation – Co-operative Financial Services will be installing the first three Pnu Power DC100 units to protect its IT facilities
- Pnu Power order from Bimex Energy AG in Switzerland
- Order from Aztec Electronics Pty in South Africa
Board Appointments
- Clare Spottiswoode appointed as Non-Executive Chairman
Financial highlights
- Turnover increased to £0.10 million (1H10: £0.01 million)
- Operating loss decreased to £1.20 million (1H10: Restated £1.80 million)
- Cash and cash equivalents of £2.00 million (1H10: £3.30 million)
Commenting on the results, Clare Spottiswoode, Chairman said:
“I joined Energetix because it was clear to me that that the Kingston microCHP boiler is a disruptive technology for the domestic heating industry and a potential game changer for the microCHP markets. I am delighted that Genlec is now manufacturing a commercial product ready to ship to potential volume customers for trials over the coming winter period.
Pnu Power now has a full suite of products to address a range of markets with an attractive proposition that we anticipate will become substantial opportunities over time. Energetix has created three compelling clean energy products (including VPhase) and all three are at a tipping point where they have the potential to deliver significant value to the Group. The current team has completed the difficult task of developing these products I am now looking to help them build our capabilities and propositions to fully exploit these commercial opportunities. Neil Bright, Group Operations Director, who has played an important role in developing the company to its current position, has also informed the board of his intention to retire within the current financial year. We are interviewing a number of potential candidates to build on the strengths of the current team.“