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Battery cells maker Amte Power reported widened losses as increased investment in product development led to higher costs that offset a jump in revenue.
For the year to 30 June 2021, pre-tax losses widened to £4.0 million from £2.1 million year-on-year, while turnover increased to £2.0 million from £1.3 million.
The increase in turnover was 'driven by an increase in grant income of 176% compared to the previous period,' the company said.
'We remain on target with the plans to achieve commercialisation we set out at the time of our IPO and we can see new opportunities arising as we collaborate more fully with our range of partners,' the company said.
'That said, our focus will remain on progressing our three core specialist battery cells into full scale production.'