Gelion PLC said it had made ‘significant advancements’ towards profit in its recently ended financial year, crediting progress to cost-cutting measures and strategic acquisitions.

The London-based battery technology company’s total income grew to £2.1 million in the year ended June 30, up 18% from £1.7 million in 2022 and 17% higher than market expectations for the year.

The company has yet to breakeven, although its pretax loss narrowed to £7.4 million from £9.2 million in financial 2022.

This was partially thanks to the ‘focused cost saving efforts’ implemented by the company over the financial year.

Optimising resource allocation and streamlining certain processes resulted in annual savings of £1.0 million across staff, consultants, and other overheads.

In line with its focus on ‘solidifying [Gelion’s] standing in Lithium Sulfur technology,’ the company acquired the intellectual property portfolio for Johnson Matthey PLC’s Lithium Sulfur battery for £3.0 million. The company also acquired the portfolios of Oxis Energy Ltd and the University of Sydney, which it said will ‘provide additional commercialisation opportunities’.

Chair Steve Mahon said: ‘Our progress in Lithium Sulfur and zinc-based hybrid cells positions us to make a tangible impact. We remain cognisant of the wider macroeconomic climate and have taken prudent steps to manage our cost base and maintain the financial health of the company.’

Gelion shares were up 1.0% at 24.84 pence each in London on Tuesday afternoon.

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