Intelligent Energy facing uncertain outlook

Intelligent Energy has warned that it faced an uncertain outlook dud to the slower than expected development of the market.

It forecast that revenues for the year to the end of September would be around £21m compared with £91.8m last time.

It expected the adjusted loss before interest, tax, depreciation and amortisation would fall to around £17m from £33.4m and the after-tax loss to be around £24m - down from £82.7m.

An update said: 'While the group has made progress in advancing its commercial strategy, its constrained financial resources has led the board to initiate a sale process for some or all of the businesses and/or assets held by the company's subsidiaries as one of its strategic options, however there is no guarantee that any sale will be achieved.

'Given the slower than expected development of the market and the group's financial structure, the group faces an uncertain outlook.'