Eqtec PLC on Friday said a one-off impairment led to its annual loss widening.

Eqtec is a London-based technology innovator focusing on distributed, decarbonised, new energy infrastructure via waste-to-value solutions for hydrogen, biofuels, and energy generation.

Pretax loss in 2022 widened to €10.5 million from €4.7 million a year prior, mainly attributed to a one-off investment impairment of €4.7 million related to the North Fork gasification plant in California. Revenue was down 13% to €8.0 million from €9.2 million the year before.

The company did not declare a dividend for 2022, unchanged from 2021.

Looking ahead, the company reiterated its target of becoming a ‘leading’ clean energy solutions licensor.

Chief Executive Officer David Palumbo said: ‘Our target remains making Eqtec a leading licensor and innovator of technology that delivers clean, baseload energy and biofuels solutions to the world’s leading industrial and utility companies and to municipalities and agro-industry around the globe.

‘To become that, we must be more than simply the leading innovator for waste-to-value solutions; we must also be known for deploying our technology through projects that consistently deliver on time, to budget and for plants that deliver healthy returns on investment, sustainably over their lifetimes.’

Shares in Eqtec were down 3.9% at 0.19 pence each in London on Friday morning.

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