Turnover for the half-year was 498,573 usd, up from 92,682 usd.

In its first results since admission to AIM on July 5, the group said it is encouraged by the progress PolyFuel and its major customers have made towards commercialisation of portable fuel cell technology since flotation.

Chief executive Jim Balcom said the group's priorities are to continue to develop strong customer-supplier partnerships with the leading fuel cell system developers and to advance the state of the art of fuel cell membrane technology.

In terms of revenue growth, Balcom said that over the last three months, customer orders have grown significantly from tens of pieces to hundreds of pieces of membrane at a time.

Market demand is dictating a real need for PolyFuel's membrane technology, he added.

He also said the group is holding discussions with a selected number of the world's leading fuel cell component suppliers regarding the possible establishment of non-exclusive relationships.

Balcom continued: "We are confident our approach to the commercialisation of the membrane is the right one, and are encouraged by the progress already achieved."

Following the successful capital raising on AIM the company has cash reserves in excess of 16 mln usd. Balcom said the group will use these funds to complete its R&D programmes, transition from pilot scale to volume production capability, and continue to establish strong customer-supplier partnerships.

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