Half yearly report as seen by HB Markets - Proactive Investors UK.
"Half year update from CFCL reflects the inventory build up ahead of the commercial trials/sales. Sales fell to A$0.93m (A$1.48m) but interest received, as shown as Other Income at A$4.09m (A$0.25m) due to a one off settlement from a former investment and financial advisor, helped maintain the reported loss before tax at A$8.39m (A$8.34m), adjusted PBT loss excluding one-offs and forex impact was A$6.88m (Loss A$7.74m). The group ended the period with net cash of A$25.71m (A$9.41m) post a net cash raise of A$28.92m with key movements being the adverse working capital movement including some A$3.8m of additional inventory. The group remains well funded for the future with good progress towards commercial sales with a forward order book of some A$8.8m. The minor variations in revenues will smooth as the group moves to commercial sales of its combined microCHP/fuel cell device, indeed it reports the full transfer of manufacturing from the initial R&D facility in Australia to the Heinsberg plant in Germany was completed in February. We repeat our SPECULATIVE BUY recommendation"
All is looking very good for CFCL. The fuel cell industry and the company.
For those interested in seeing the CFCL process and plant there is a YouTube clip from 2008. Dated but I wasn't aware it existed. Not hard to see where the 250M in R&D has gone.
http://www.youtube.com/watch?v=ta7RpOwQYbk
CFU Price at posting:
13.2¢ Sentiment: LT Buy Disclosure: Held
