Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer that produces batteries for the large-scale requirements of business networks - Says pleased to note significant reduction in the provision for contract losses which was previously recorded. As a result, Invinity expects its reported gross margin loss and pretax loss to be materially better than was anticipated.

Additionally, says it expects to report revenue of about £3.6 million in line with the delivery of about 4.3 megawatts per hour of products produced during the year. As at March 31, cash balance stands at £15.4 million.

Says its results for 2022 will be published on June 30.

Current stock price: 41.00 pence each, down 6.8% on Friday morning in London

12-month change: down 4.5%

Copyright 2023 Alliance News Ltd. All Rights Reserved.