Acta S.p.A - Preliminary Results for the year ended 31 December 2007

Acta S.p.A - Preliminary Results for the year ended 31 December 2007
Acta, the AIM listed catalyst developer, today announces its preliminary results for the twelve months ended 31 December 2007.
2007 Highlights
-Strong growth in revenues following increased product sales, the launch of new products and the targeting of new markets 
-First major development contract announced with a global manufacturer, and Sumitomo Corporation
-Commercial traction in core markets of hydrogen generation and waste to energy
-Strategic investment of £4.6m by Sumitomo Corporation
-Technical milestones achieved and seven new patent applications filed
-Operational targets achieved with commissioning of pilot production plant resulting in annual capacity of up to €4.5m
-Recruitment of industry leading management
2007 Financial Results
-Revenues increased sharply to €600k (2006: €72k)
-Loss before tax of €5.5m (2006: €4.8m)
-Operating cash outflow of €4.1m (2006: €3.9m)
-Year end cash of €7.9m, better than expectations
-£5.75m placing  provides sufficient funds to 2010
2008 First Quarter Progress
-First phase of existing development contract delivered on time.  Negotiations underway for next phase
-Collaboration agreement signed with Tokuyama Corporation, leading membrane maker, to co-ordinate development activities
-Collaboration agreement signed with CMR focussed on the portable fuel cell sector
-Low cost disposable fuel cell units developed and exhibited as battery replacement for low power units
Robert Drummond, Chairman of Acta, said:
“Acta enjoyed a successful 2007.  Encouraging revenue growth underpinned the strong commercial interest in our HYPERMEC catalysts and we successfully targeted new markets for further growth.  We have met all our commercial, technical and operational milestones and we have secured further funding for our growth plan.  2008 has started well for the company and we are confident that we shall demonstrate further commercial progress and revenue growth as we drive the commercialisation of Acta’s key catalyst technologies.”

To view the financial results from businesses across the fuel cell industry visit http://www.fuelcelltoday.com/online/financials

For further information, please contact:
Acta S.p.A:
Toby Woolrych, Chief Operating Officer                    Tel: +44 (0) 20 7360 4900
Smithfield Consultants:
George Hudson / Katie Hunt / Will Henderson           Tel: +44 (0) 20 7360 4900
Numis as Nominated Advisor and Broker:
David Poutney / Jag Mundi / Alex Ham  

Source: Fuel Cell today