TMCnet News
Intelligent Energy Holdings: Interim Management Statement [Global Data Point](Global Data Point Via Acquire Media NewsEdge) Current trading update Revenue in the last completed quarter (Q3) of the year to date has seen an increase from the prior quarter which in turn was higher than the first quarter of the financial year. The Company's two new trading divisions, Distributed Power %7E Generation ("DP%7EG") and Consumer Electronics ("CE"), commenced trading in Q3 with anticipated initial low volumes. This follows the commencement of power management activities arising from the previously announced commercial relationships with Microqual and Ascend within DP%7EG and the certification of the Upp™ product in April 2014, for CE. Revenue within the Motive division, consisting purely of joint development activity with blue chip partners, remains in-line with Board expectations at the time of the Initial Public Offering ("IPO"). Financial position and prospects Following the IPO, the Company has a strong balance sheet and is well positioned in the short term to fund the opportunities open to it. At 18 August, the Company's consolidated cash balance stood at £98.6 million, with no debt. Distributed Power %7E Generation ("DP%7EG") Within DP%7EG, plans are progressing to deliver 5,000 telecom tower sites under contract for power management by the end of September 2014. The potential exists to materially exceed this target. Consumer Electronics ("CE") Discussions are ongoing in the CE business with the Company's manufacturing partners to enable the production of more than 50,000 first generation Upp™ devices (which allows mobile users to power USB-compatible portable electronic devices with a single Upp™ cartridge typically delivering up to one week of energy for smartphones), as part of the initial roll-out for this product launch. The phasing of production is currently being ramped up and discussions with major launch customers continue; this should result in the aforementioned volumes being delivered before the end of this calendar year. Motive Within Motive, joint development activity through strategic collaborative partnerships is continuing as planned. During the period covered by the IMS, this included the addition of a new Japanese automotive customer and the signature of further contracts with existing Japanese OEM and European premium car manufacturer customers. Overall, strong growth in revenue from Q3 to Q4 is expected to be delivered due to the impact of CE and DP%7EG. Dr Henri Winand, Chief Executive Officer, commented: "I am pleased to announce the first interim management statement of Intelligent Energy as a listed company, as we continue to commercialise our technology across our three business divisions. Since the IPO, the growth opportunities available to the Company have expanded further. We remain focused on both delivering the existing milestones in DP%7EG and CE and developing our Motive business. As a result, we remain confident in the outlook for the business". Date for the announcement of preliminary year-end results The Company expects to issue its preliminary results for the year ending 30 September 2014, on Monday 1 December 2014. Analyst research is currently expected to be published in September 2014. (c) 2014 GlobalData Provided by SyndiGate Media Inc. (Syndigate.info). |