Libertine Holdings PLC on Tuesday reported a delay in the delivery of development milestones, causing it to lower its revenue guidance for the financial year that ended on Friday.

Libertine Holdings shares fell 32% to 12.65 pence each on Tuesday morning in London.

The Sheffield, England-based technology platform solutions provider said it continued to work on the integration of its electrical linear generator technology with Hyliion Holdings Corp, and develop its technology platform through grant funded operations with the UK’s Department for Business, Energy & Industrial Strategy.

Libertine said it now expects financial 2023 revenue to be £200,000 to £400,000 lower than the current guidance, and anticipates cash receipts of around £800,000 to fall into the first quarter of financial 2024.

Back in August, the company reported revenue of £824,000 for financial 2022, up from just £32,000 the year before.

Chief Executive Officer Sam Cockerill said: ‘We have made good technical and commercial progress in the year, but the time taken to deliver on our commercial and grant funded projects has been longer than expected. Commercial interest in our technology for the decarbonisation of heavy-duty vehicles and distributed power remains strong, as demonstrated by announcements made in the period. Our funding position is expected to be improved by cash receipts in Q1 2023/24 and we have aligned our technology investment and operational scale up plans with the pace of our commercial progress.’

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