Trading Update and New Contract Win
January 12 2010 - 2:00AM
UK Regulatory
TIDMIDA
RNS Number : 3684F
IdaTech PLC
12 January 2010
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| For immediate release | 12 January 2010 |
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IdaTech plc
("IdaTech" or "the Company")
Trading Update and New Contract Win
IdaTech plc (AIM IDA.L), a global leader in the development and manufacture of
clean and reliable PEM fuel cell products for critical backup power markets,
today provides a trading update for 2009. The Company will announce its
preliminary results for the year ended 31 December 2009 at the end of March
2010.
Trading Update
IdaTech has delivered fuel cell system sales volumes ahead of market
expectations, despite the extraordinarily difficult year for businesses
globally, increasing the number of units sold by over 5 times the 2008 volume.
Overall 445 systems were sold during 2009.
Revenue for the year was $6.6 million (2008 $5.9 million) an increase of
circa 12% on 2008 with revenue from product sales almost doubling to $4.5
million from $2.4 million. The sales mix in the year compared with 2008 was more
heavily skewed towards direct hydrogen systems which have lower selling prices
than reformed systems. This was a result of two factors; the economic downturn
resulting in IdaTech's customers utilising certain Government subsidies which
currently favour such direct hydrogen fuelled systems and the sale of 300
ElectraGenTMH2-I systems in India to ACME TelePower the Indian
telecommunications supplier. The loss before tax on ordinary activities from
continuing operations and the cash burn will also be better than market
expectations.
During 2009, IdaTech focused its development resources on the next generation
methanol/water fueled system and the natural gas fueled system. Once completed,
both systems will demonstrate step changes in performance and in cost reduction,
thereby positioning IdaTech to address a significantly increased portion of the
critical power backup markets worldwide. As a result of this focus, IdaTech will
devote its development effort to the 1-5kW power output product range. A
non-cash, impairment charge, of $2.7 million (after tax) in the carrying value
of the intangible assets will be recorded reflecting the shift away from the
commercial development of the smaller 250 Watt product line. The valuation of
the core technology of the business remains intact.
The Company also successfully renegotiated its Supply Contract with ACME
TelePower to secure more favorable pricing and product launch timing. ACME
TelePower remains a strong partner in the Indian Telecommunications market.
Additionally, the Company completed two development contracts. The most
significant related to the advanced development of its proprietary metal
membrane hydrogen purification technology, Hypurium(TM) for large scale
industrial applications.
Contract Win
At the end of 2009, the Company received an order for 108 systems for delivery
and deployment in the first quarter of 2010. This already positions IdaTech for
2010 with a backlog of nearly one quarter of the 2010 full year market
expectations.
Further details of the performance of the business during 2009, the Company's
strategy for achieving sustainable growth and profitability and the outlook for
2010 will be provided in the preliminary results.
For further information please contact:
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| IdaTech plc | +1 541 383 3390 |
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| Harol Koyama, Chief Executive Officer | |
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| James Cooke, Chief Financial Officer | |
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| | |
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| Numis Securities Limited | +44 (0) 20 7260 1000 |
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| Michael Meade | |
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| | |
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| Buchanan Communications | +44 (0) 20 7466 5000 |
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| Charles Ryland / Catherine Breen | |
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About IdaTech
IdaTech plc is an advanced fuel cell products company which is operationally
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code
IDA.
IdaTech designs, develops, and manufactures extended run backup power fuel cell
products for Telecom applications requiring 100 W to 15 kW of backup power.
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of
applications to directly support efforts towards sustainable energy.
IdaTech's portfolio of industry-certified fuel cell products are based on the
company's fuel processing, purification and fuel cell system integration
capabilities. With the support of strategic partners and customers, the
company's extended run backup power products are being deployed worldwide for
stationary applications.
Additional information may be obtained by contacting the company direct or by
visiting its website at http://www.idatech.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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