Eqtec PLC shares were down on Thursday, after it reported lower revenue and a widened loss in the first half of 2023, as it transitions to a pure-play technology business.

Shares in the thermochemical conversion technology company were down 9.2% to 0.057 pence each in London on Thursday morning.

In the six months ended June 30, Eqtec’s pretax loss widened to €2.4 million from €2.3 million a year earlier.

Revenue plummeted to €145,293 from €3.0 million.

Eqtec said that its financial performance was impacted, as it continues to make ‘a strategic shift away from development of high-risk, legacy projects, toward focus as a pure-play technology provider on pre-funded, risk-mitigated projects owned and driven by credible infrastructure owners and investors.’

It said it views its interim underperformance as a consequence of this transition.

Looking ahead, Eqtec said it expects further revenue from equipment sales, other engineering services and licensing & maintenance support services, as well as additional revenue from front-end engineering on new client projects.

‘The board is committed to the company’s business strategy and its leadership as it negotiates a difficult transition out of Eqtec’s project development past into its future business model as a leading technology innovation business,’ said Chair Ian Pearson.

‘To add momentum behind execution of its strategy, the company requires the sort of funding that only one or more strategic investors can bring. It is imperative that we respond to the AIM market’s valuation of the company by finding investors of scale that understand and believe in Eqtec’s direction and full potential.’

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