- Alternative fuels group Velocys said it expected to report narrower annual losses after it slashed administrative costs.

Operating losses for the year through December would amount to £9.8m, before exceptional items including a credit of £0.1m related to impairments.

That would compare to an operating loss in 2018 of £18.6m before exceptional items of £10.1m.

Revenue was expected to fall to £0.3m, down from £0.7m.

Velocys said manufacturing of reactors for the Red Rock biofuels project in the US had progressed as per an agreed schedule, with delivery of all four reactors expected by the end of June 2020.

'The ongoing work on our reference projects and our customers' projects is also on schedule,' it said.

The company said it now expected to release its annual results during early August, following logistical difficulties completing an audit during lockdowns.

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