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Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer that produces batteries for the large-scale requirements of business networks - Says pleased to note significant reduction in the provision for contract losses which was previously recorded. As a result, Invinity expects its reported gross margin loss and pretax loss to be materially better than was anticipated.
Additionally, says it expects to report revenue of about £3.6 million in line with the delivery of about 4.3 megawatts per hour of products produced during the year. As at March 31, cash balance stands at £15.4 million.
Says its results for 2022 will be published on June 30.
Current stock price: 41.00 pence each, down 6.8% on Friday morning in London
12-month change: down 4.5%
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