redT Energy Falls As Annual Loss Widens In Year Of Expansion
Date: May 18, 2018
Energy storage firm redT Energy PLC’s shares fell on Thursday as the company reported a wider loss for 2017 as it expanded operations despite revenue growth.
Shares were down 6.7% on Thursday at a price of 7.00 pence each.
redT’s pretax loss widened to EUR8.2 million from EUR5.8 million in 2016, as revenue increased to EUR11.8 million from EUR10.8 million.
The main driver of the wider loss was a rise in administrative expenses to EUR11.5 million from EUR7.9 million.
The company said results met expectations, in a year in which it invested “heavily” in redT functional teams, key facilities, and developing its storage machine technology.
