Elektromotive

Elektromotive: The embattled counter received a slight respite, after announcing that it has secured a £2.4 million (~$5.1m) contract to supply up to 50 rapid charger stations across South East England. The rapid charger stations will be part of England’s electric vehicle public charging network, and will see Elektromotive UK install and maintain the chargers, with the first charger slated to be installed by Apr'14, with all 50 stations expected to be installed by Mar'15. Elektromotive guides that the aggregate value of these will have a significant impact on the Group’s financial performance in the new financial year commencing Apr’14, and augurs well not only for Elektromotive but also for the industry as a whole. In its latest 1HFY14 results, Elektromotive reported net losses of $1.5m (1HFY13 net loss $1.9m), as total expenses outgrew revenue of $4.7m (flat y/y). The Electric vehicles charging segment contributed 76% of total revenue, with the publishing segment contributing the majority of the remaining 24%. The group had guided for a business performance in 2HFY14, buoyed by its subsidiary in UK, as sales in Europe of its EV charging solutions is expected to continue to show improvement. In Asia, development of its EV business is progressing, although this is not expected to contribute positively in the current financial year.