Losses widen at Zenergy Power

22nd Mar 2011 15:25

Higher costs of sales and overheads caused losses to widen at Zenergy Power in 2010. Shares in the superconductor energy technology firm. which announced last month that it is up for sale, dropped by a fifth after the annual results were released.Pre-tax loss for the year ended 31 December widened to €10.13m, from €8.5m in 2009, as a result of increased sales, marketing and R&D expenses. Revenues grew modestly from €2.4m to €2.6m.Loss per share fell to €0.15, from €0.17."External intelligence suggests that the market for electrical equipment will grow strongly over the next decade and the board believes that superconductor-based equipment has a valuable part to play in this market," said John Poulter. "However, although the group is funded on its present cost structure for the next twelve months, the board concluded that shareholders' and employees' interests are best served by seeking a buyer on a timely basis for the whole group."