Flow technology specialist Pursuit Dynamics PLC (LON:PDX) reported widening losses in the first half, mainly due to increased investment in developing its businesses, while revenue rose to £105,000 from £79,000 a year earlier.
Pre-tax loss in the six months to March 31 2011 widened to £7.16 million from £3.64 million previously.
Pursuit Dynamics said the figures reflect the costs incurred in strengthening each of its Lines of Business (LOB) through increased investment in essential product development work, sales and marketing.
It continues to make significant investment in its intellectual property with more than 100 patents now filed worldwide.
In April 2011 the group raised £8 million before expenses and currently has a cash balance of over £11 million.
In separate statements, Pursuit Dynamics announced agreements in the Biofuels LOB with Marquis Energy LLC and BioFuel Energy LLC in addition to the agreement announced in May with Front Range Energy LLC. It also announced a new deal in Germany, installing equipment at Radeberger Gruppe KG’s brewery in Radeberg.
Chief executive Roel Pieper said: "During the period we have made significant progress in key areas, notably the completed installations of the first three biofuels plants, the signing of a number of major commercial agreements with partners such as KFT, NNL and P&G, and the strengthening further of the senior management team.
“We have also today announced a number of significant agreements, including one with Marquis, one of the largest ethanol plants in the US, in our Biofuels business, and we expect to sign agreements with additional plants in the coming months. We are looking forward to the remainder of the year with confidence."