The Powerhouse Energy Group PLC (LON: PHE) share price fell slightly after releasing its half-year report for the six months ended 30 June 2023. The company’s share price barely moved despite news that it generated nil revenues in H1 2023 compared to £353,000 in H1 2022.
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The company highlighted multiple milestones that were accomplished during the period, including the appointment of a new Non-Executive Chairman (Antony Gardner-Hillman) and three Non-Executive Directors (Tony Gale, David Hitchcock and Prof. Karol Kacprzak) with Paul Emmitt as Acting CEO.
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Powerhouse Energy also acquired the remaining portion of Engsolve shares (51.61%) that it did not own to complete the 100% ownership of Engsolve and integrate the business into the wider Powerhouse Group.
The company also announced a new business strategy in its Annual Report, including its desire to develop revenue streams by providing engineering services and actively developing capital projects using the project finance methodology.
From a commercial perspective, Powerhouse Energy signed a Framework Services Agreement with Petrofac to provide engineering services on request. The company also acquired 100% of the shares in Protos Waste to Hydrogen No1 Ltd, the special purpose vehicle (SPV) behind the Protos Waste to Hydrogen development.
PHE is managing the Protos project and working with Petrofac to finalise details before purchasing plant and equipment. The company had £4.90m cash at the bank on 30 June 2023, marking a decline from the £7.54m cash at the bank on 30 June 2022.
Tony Gardner-Hillman, Powerhouse Energy’s Non-Executive Chairman, said: “PHE took a major step forward in 2023 with a new business strategy and a new board to deliver it whose members have committed to the Company and are expanding its activities to secure its future. I welcome David Hitchcock, Tony Gale and Karol Kacprzak as new board members and thank Paul Emmitt and Hugh McAlister for their ongoing support. I also welcome the Engsolve team and look forward to the positive contribution they will make to PHE. Keith Riley has just announced his resignation from the board and as Acting CEO. My thanks to Keith were set out in the Company's announcement on that topic on 06 September 2023.”
The Powerhouse Energy (PHE) share price.
The Powerhouse Energy share price fell slightly on the half-year report amid nil revenues.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
