News blog
Acta
- BY: Andrew Hore |
- POSTED: 19/03/2008 |
Catalyst developed Acta is making progress and has plenty of cash to keep it going while it builds revenues.
In 2007 the revenues were fairly modest at €600,000, although that was much higher than the €72,000 reported in 2006. The loss increased from €4.8m to €5.5m.
Net cash of €7.9m is above its house broker’s forecast. This figure was boosted by the €2.3m Sumitomo share subscription last year. A second tranche of shares will be acquired for a further €2.3m at the end of March 2008. This fund raising was at 115p a share.
This year Acta plans to increase its annualised production capacity from €4.5m to €6m. It will continue to develop catalysts for converting glycerol and ammonia to hydrogen as well as for portable fuel cells. It has signed collaboration agreements with Tokuyama and CMR Fuel Cells.
Acta is expected to report a similar loss in 2008 on revenues of €1.3m. Net cash is forecast to fall to €5.4m and it should last into 2010.
The shares fell 0.5p to 46p, valuing the company at £18m.
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