EQTEC PLC (AIM:EQT) chief executive David Palumbo, in today’s final results statement for 2023, described annual revenues of €2.5 million as reasonable, whilst highlighting the reshaping of the business towards “reliable and sustainable” growth.
“We pivoted away from project ownership and development, toward provision of our unique technology and engineering capabilities to projects owned and managed by others,” Palumbo said in the statement.
“These decisions have reshaped the business for more focused, reliable and sustainable growth."
He added: “We ended 2023 with reasonable revenues of €2.5 million, a declining operating loss versus the previous year (€3.5 million vs. €4.9 million in 2022) and a financial restructuring that provided the company with additional funding of up to £3 million (c. €3.5 million).”
EQTEC reported an operating loss that had narrowed to €3.5 million from €4.9 million in the previous year, whilst the net loss was €23.5 million, including impairments totalling €18.8 million related to legacy projects and unrecoverable debts.
During the year, the company undertook significant financial restructuring, raising £3.5 million (€4.1 million) through the placement of new shares and securing additional funding of up to £3.0 million (€3.5 million).
It aimed to stabilise the company's financial position and support its transition towards a focus on engineering and equipment sales.
Operationally, highlights included the commissioning of the EQTEC Italia MDC facility, the completion of the Grande-Combe project sale to Idex, and new project contracts in France, the USA, and Hawaii.
Such projects marked EQTEC's shift from project development to providing technology and engineering services for projects owned by third parties.