RedT losses widen 'in line with management expectations'

RedT Energy saw losses widen in the six months leading to 30 June as the industrial energy storage outfit completed most of its scaling up for growth.

Despite seeing revenues from continuing operations jump 33% to £1.2m, RedT turned in a trading loss of £5.4m from the first half of its trading year - a widening of 92% year-on-year.

Investment was made as the AIM-listed group scaled up for growth during the half, with functional teams and key facilities now substantially in place to commence manufacturing of its third-generation energy storage flow machine, which was launched commercially in June.

A fundraising raised £3.85m, however, the group's free cash also tightened 40% throughout the period to £3.9m.

RedT chief executive Scott McGregor, said the interim financials were "in line with management expectations".

He added: "RedT has validated its commercial and grid-scale energy storage solutions with the recent deals in Germany and with Anglian Water and the UK public sector confirming the suitability of redT's technology for both 'mega-projects' at grid level and as a long-term infrastructure solution for the commercial and industrial sector."

As of 0900 BST, RedT shares had dropped 7.88% to 8.48p.