Ceramic Fuel Cells has reduced its pre-tax losses from A$36.2m (£19m) a year ago, down to A$10.1m, following expansion of its European activities.
The Aim-listed group, whose European headquarters are based in the Wirral, makes electricity generation units based on its solid-oxide fuel-cell technology. It said in a statement that market conditions for low-carbon energy products remained attractive in several of its larger sectors.
In its half-year results ending 31 December 2009, the company said that sales revenues from field trials were up 57 per cent from A$0.9m to A$1.5m.
However, other income earned during the period fell from A$1.4m to A$0.3m as a result of the reduction in interest income arising from the completion of the sale of the portfolio of financial securities.
In addition, an unfavourable turnaround in foreign exchange rates resulted in a A$4.1m gain in the previous corresponding period to a $4.1m loss in the current period due to the strengthening of the Australian dollar.
Expenditure on research and product development during the period was A$5.5m, which was in line with the same period a year earlier. Expenditure on sales and marketing was A$0.7m, which was 16 per cent lower than the second half of 2010.
The company said it will continue to build on technology developments over the coming year. This will include its Gennex fuel-cell modules, which convert the natural gas from boilers into power and heat, and BlueGen, a system that works in the same way as a Gennex module but can be fitted outside the home.