Energetix upbeat on market potential despite losses

ALTERNATIVE energy specialist Energetix has posted another operating loss but said it is optimistic of the market potential of its products.

The Chester-based AIM company said losses from continuing operations in the year to December 31 were £3.2m, up on £3m the previous year. Sales were £26,000, down from £131,000.

The firm recorded a full-year pre-tax profit of £1.6m thanks to a £5.9m gain associated with a share placing by its associated company VPhase in which it holds 42%.

Last month Energetix raised £2.5m through a placing of 10 million new shares at 25p per share. It said this has put it on a strong footing to focus on its two products – Genlec a micro combined heat and power boiler for the domestic market under the Kingston brand and Pnu Power compressed air batteries.

Chairman Alan Aubrey said: “The group has made a number of significant strategic steps during the period, and the board is pleased with the progress made across all three businesses. 

“The certification of Kingston and subsequent orders is already promising, and the trials in staff homes are progressing well. Our Pnu Power products also continue to gain momentum in the market, with discussions with a number of major customers likely to result in orders in the current year.

“The legislative environment remains favourable to the group’s products, and following the placing in March 2011 the group is well positioned to accelerate the commercial development of Genlec and Pnu Power.”

VPhase which has a separate listing on AIM, also put out full-year figures today. The business, which has developed a voltage management system that reduces and regulates incoming power, recorded a pre-tax loss of £1.7m in line with management expectations.

The business said this reflected increased expenditure on sales and marketing as it pushes commercial activity. Revenue doubled to £266,000.