The group posted a net loss for the year ended 30 June of $13.32m versus a loss of $17.24m in 2005 on revenue from continuing operations of $2.08m against $820,602 a year earlier.

The improvement in profit was attributed to a $2.85m foreign exchange gain and an increase in net interest of £943,666, although borrowing costs climbed this time.

The revenue hike was down to higher revenue from field trial contracts and higher interest income due to “significantly” increased cash levels in the last quarter of the year following the group’s listing and fund raising on AIM.

Chief executive Brendan Dow said, “Ceramic Fuel Cells has continued to build momentum month by month on each of the financial, technical and partnership fronts during the year.

“We plan to have signed up further utilities and appliance partners by December 2006.”

The company also announced the appointment of Bob Kennett, former managing director of Powergen Combined Heat and Power, to the board.