Intelligent Energy revenues up

Intelligent Energy's revenues rose to £91.8m in the year to the end of September - up from £78.2m last time.

The loss before interest, tax, depreciation and amortisation was £33.4m compared with £46.2m a year ago.

The group booked exceptional items and impairments of £51.3m (2015: nil) and after-tax losses rose to £82.7m from £42.8m.

IE reviewed its strategy during the year. This reflected a lack of commercial traction across a variety of applications and an eventual funding envelope that necessitated in IE having to focus upon those technologies which were closest to being ready to be brought to market and deliver revenue growth.

Having secured additional funding, the Ccompany has launched its revised strategy and believes the most appropriate way to deliver shareholder value, given current markets, is to continue to commercialise the business with a focus on driving revenue growth from a simplified operating base.

The UK business is now focused on Air Cooled (AC) fuel cell commercial opportunities with a power requirement of sub 1W to 20kW. It is the intention to grow this business in FY16/17 from its restructured base and to continue to reduce cash burn from the current run rates over the course of this financial year.

Chief executive Martin Bloom said: "As I outlined at the Analyst and Investor Day in September, we know we have the technology, people and know-how to deliver future growth for the core fuel cell business, so the next steps are all about commercialisation. My objective is to prioritise delivering revenues and building the business. The revised strategy is all about outcomes, especially commercial outcomes."