AFC Energy PLC (AIM:AFC, OTC:AFGYF)’s shares rose 21% following strong results for the year ending October 31, which CEO Gary Bullard called a “landmark” period for the hydrogen and ammonia technology firm.
Revenue climbed to approximately £4 million, largely from hydrogen-powered generator sales to Speedy Hire Services for leasing purposes.
AFC reported a cash reserve of £15.4 million, expanded manufacturing for generator production, and achieved its first MENA region sale through distributor TAMGO.
The company also launched Hyamtec, a division focused on ammonia-cracking technology for on-site hydrogen production to support decarbonisation.
The shares rose 1.72p to 9.82p in early afternoon trading. Panmure Liberum thinks the stock is worth 55p.
In a note to clients, it said: "[The] Speedy Hire JV progressing well with a good pipeline of growing opportunities and manufacturing capability has been modernised with production and quality targets for the year met."
Peel Hunt repeated its 'buy' advice but reduced its price target to 70p (from 125p), which is still a significant premium to the current price.