Intelligent Energy losses narrow

Pre-tax losses at Intelligent Energy fell to £13.3m in the six months to the end of March - down from £45.9m a year ago.

Revenues fell to £18.7m from £43.9m and gross profits of £0.6m were down from £1.3m last time.

The group said the business was focused on fuel cell product sales as one segment in global markets.

It said the restructuring undertaken since May 2016 had reduced adjusted EBITDA losses from £21.6m in H1 2015/16 to £9.1m in in H1 2016/17.

It said this included the restructuring during the half year of Indian based activities, to support fuel cell product sales on the same commercial model as the rest of the company following the cessation of the interim energy management agreement with GTL on 30 November 2016.

At 9:24am: (LON:IEH) Intelligent Energy Holdings Plc share price was +0.5p at 8p