13 September 2018 – interim results
In the six month period to 30 June group income rose to £1.9m (2017: £1.1m) whilst the group recorded an adjusted EBITDA loss of £11.6m (2017: loss of £13.2m). Given the early stages of the group’s development these financial figures are largely irrelevant although the fact that the company has net cash of £10.4m at the end of the period is clearly of importance. The group is continuing to make progress in beginning to commercialise its technology as we have reported in other earlier announcements and this process looks set to continue. As the group makes progress in this regard it seems likely that further capital raising exercises will be necessary and this has put a dampener on the share price. Nevertheless, we believe that the prospects for the group remain exciting and continue to view the shares as a SPECULATIVE BUY.