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Battery cells maker AMTE Power reported wider first-half losses that were in line with its expectations as increased investment in product development led to higher costs.
For the six months to 31 December 2020, pre-tax losses widened to £1.46 million, from £0.86 million, in line with management's expectations.
The rise in losses reflects 'increased investment in product development, recruitment of key employees and marketing as the Group moves towards commercialisation,' the the company said.
Looking ahead, the company said it believes that 'the full year outlook will be in line with market expectations and that the level of income will continue to grow through the second half of the year.'