Intelligent Energy's shares fall as interim loss widens

Shares in Intelligent Energy were down 14% as the company booked a wider first-half loss of £45.9m due to exceptional items, from a loss of £27.3m a year earlier.

Chief executive Henri Winand said the company had passed through a difficult time, taking some hard decisions for its long-term future along the way.

The results included £23.0m of exceptional items, from nil a year earlier. Revenue was £43.9m, from £27.4m. Operating costs totalled £30.4m, from £12.7m.

However, Winand noted Intelligent Energy had successfully raised the funds -- £30m gross in late May via convertible loan notes -- needed to complete the necessary restructuring of the business, and support its refocused strategy.

"The board strongly recommends that all shareholders vote to support this at the forthcoming general meeting," he said in the results statement. Intelligent Energy operates in the consumer electronics, distributed power and generation, and motive markets.

"With a refocused strategy to capitalise upon the demand for small to medium sized applications to power off-grid devices and a materially reduced and sustainable cost base, there is a path in place toward building a viable long term business."