- Renewable fuel company Velocys said its annual losses deepened after it wrote down the value of its assets to the tune of £34.6m.

Pre-tax losses amounted to £55.3m, compared to £14.1m of red ink in 2016.

'I believe we will look back at 2017 as the year Velocys transformed into a renewable fuels company,' chief executive 'David Pummell said.

'Although some of these changes were difficult they have set up the company for the future delivery of multiple biorefineries and long-term sustainable growth.'

Pummel said a gas-to-liquids plant in Oklahoma had validated the company's fuel technology at a commercial scale.

'We have a demanding plan to deliver in 2018, but we are well placed to meet these challenges,' he said.

At 3:00pm: [LON:VLS] Velocys share price was -0.4p at 11.93p

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