Voller Energy Releases Preliminary Year-End 2006 Financial Results

September 04, 2006 by Jeff Shepard

Voller Energy Group PLC announced preliminary results for the year ended 30 June 2006. The operating loss for the year increased from £0.98 million to £2.052 million in line with expectations. Capital expenditure of £0.1 million was lower than the previous year which included one time costs on leasehold improvements. At the year end the company held cash at the bank of £6.784 million. Voller maintained tight control over cash expenditure during the year under review, however costs are expected to gradually increase over the next year as development activity is accelerated.

John Brown, Chairman, commented, "The year to June 2006 demonstrated significant progress in reformer technology and we continue to be on track to deliver a 1KW system by the end of 2007 in line with the original prospectus."

Brown also reported on other company developments: shipments of the Site Safe Porta-Charger began to Speedy Hire in March 2006. This was the first product based on the Voller Energy Battery Box design. The system was fully CE certified and included in the 2006 Speedy Hire Catalogue. The VE100 v3 portable fuel cell was replaced by two new fuel cell products. The Fuel Cell ABC is an automatic battery charger with enhanced software which allows it to simultaneously charge an iPod®, a laptop (via the standard wall socket outlet) and mobile phone (via the standard 'cigar lighter' outlet). The company also introduced the Fuel Cell RBC, a rack mounted fuel cell battery charger. An agreement was signed with Conergy AG to develop the market for fuel cell generators used in supporting small-scale off-grid applications to provide power from sustainable energy sources via fuel cell, solar and wind generation systems. The company has also made significant developments with the reformer program to extract the hydrogen that fuel cells need from common fuels such as Liquefied Petroleum Gas (LPG), propane, butane or camping gas. The leading UK supplier of LPG is Calor Gas with whom the company signed a Memorandum of Understanding in February 2006.