- Verditek has reported a pre-tax loss of £1.2m for the six months to the end of June, having recorded revenues of £105,000.

The loss stemmed from a theft of stock from its plant in Lainate, Italy. The company said that while it remained hopeful that the stock might be recovered, a charge of £300,000 has been included in its interim accounts.

Cash balances as at 30 June were £919,000 which included £250,000 raised from a two year bond issue via Crowd for Angels. A further £103,253 was raised via this platform after the balance sheet date.

Overhead spend remains tightly controlled to conserve cash as the conversion time for prospects to become customers has taken longer than expected.

Rob Richards, CEO at Verditek, said: 'The six-month period to 30 June was both a challenging time for Verditek as well as a period when several fresh seeds were sown. Having hit high levels of production at the Group's factory in Lainate, Milan towards the end of 2020, production was scaled back at the start of 2021 as further projects in the pipeline were either postponed or withdrawn due to the uncertainty brought about by the global pandemic. With the economic uncertainty of the last 18-months starting to recede, we believe that the outlook for the second half of the year is improving.'

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