StockMarketWire.com - Sustainable fuels company Velocys increased its revenue in the first half of 2020 to £180,000, up from £22,000 in H1 2019.

The company recorded an operating loss for the period of £2.6m, but this was down from a £5.1m loss in the same period last year.

During the Covid crisis, the company reported that a "positive environment" for sustainable fuel developers had developed, creating additional demand for Velocys's technology and engineering services.

It took out a loan worth £578,000 through the US government's Paycheck Protection Program to help retain workers through the pandemic. The loan is forgivable subject to conditions.


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