KleenAir Systems says its interim figures were hit by movements in the Canadian $.
KleenAir supplies filters to clean up vehicle emissions. Most of the company’s supplies were priced in C$ but it is changing that and buying in a number of currencies.
Sales have started to take off but the rise from £26,000 to £258,000 in the six months to March 2008 was not as good as it might have been. The interim loss was flat at £390,000 but R&D was halved to £52,000. Orders were delayed but this has changed with a significant increase in orders for core products and new products being launched. May and June have been record months. The filter for refrigeration truck units will contribute to revenues over the next year.
There was net cash of £122,000 at the end of March 2008. KleenAir is trying to conserve its cash.
Peter Newell is stepping down as managing director and becoming a non-executive director. A general manager has been recruited to cut costs and increase sales.
The shares rose 0.5p to 8p, valuing KleenAir at £2.79m.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.