Oxford Catalysts reports widening losses

Synthetic fuels company Oxford Catalysts delivered an increased operating loss for the six months ended June 30th after growing costs offset improved revenues.

Turnover rose from £2.95m to £3.64m, while the cost of sales climbed from £1.79m to £2.21m. The operating loss for the period came in at £5.07m, compared to £4.26m the same period the previous year.

The company said it is now ready for commercial orders and said it has seen noticeable acceleration in the group's progress during the first half of the year and believes this momentum is set to continue for the remainder of 2012 and beyond.

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During the period the company was selected for multiple projects, including the Calumet 1,000 barrels of oil per day commercial gas-to-liquids plant and the GreenSky London waste-biomass to jet fuel commercial plant, in partnership with British Airways.

Pierre Jungels, the Chairman of Oxford Catalysts, said: "The first half of 2012 has been a period of accelerated progress for the group and we've seen positive momentum continue to build post the period end. Our technology was selected for four exciting and different projects, and we are also taking part in numerous engineering studies with some of the world's largest corporations.

"There is no doubt that 2012 will be an important year for the group as we continue on our path towards commercial success. There is an exciting pipeline ahead for our technology and the board looks to the future with confidence."

Cash at the period end totalled £12.1m, compared to £17.1m six months earlier.

The share price fell 0.62% to 80.50p by 13:06.

NR