Axeon Holdings Plc - Interim Results.

(From AFX CNF)

RNS Number:8590I Axeon Holdings Plc 13 September 2006 Axeon Holdings plc ("AXE") Unaudited Interim Results for the six months to 30 June 2006 CREATING VALUE THROUGH GREEN ENERGY SOLUTIONS Axeon Holdings plc ("Axeon", or "the Group"), the green energy and advanced control solutions provider to the automotive and industrial markets, announces its interim results for the six months to 30 June 2006. Highlights a Revenues increased by 1552% to AGBP1,371,000 (2005: AGBP83,000) a Pre-tax loss reduced by 61% to AGBP332,000 (2005: AGBP856,000) a Investment in R&D increased by 81% to AGBP513,000 (2005: AGBP284,000) a Placing of 7.59 million shares raised AGBP4 million net to fund the acquisition of Advanced Batteries Limited (ABL) - since renamed Axeon Power - and to provide additional working capital a xeon selected as exclusive supplier of battery management and battery systems for Modec's new electric urban delivery vehicle a Pre-production Li-ion battery packs fitted into two electric utility vehicles a Development contracts secured with major European automotive manufacturer and ITI Energy for battery management electronics using Axeon's Vindax technology. a US patent approval completes international protection of the core Vindax intellectual property Commenting on the results Hamish Grant, Chief Executive Officer of Axeon said: "We have achieved a series of business development milestones in the first half of 2006 that have steered the Group from a phase of research and product development into a phase of customer product roll-out and significant revenue growth. We expect this momentum to continue with additional customer and product development milestones during the second half of the year. Our products continue to prove that innovation can produce effective ways of reducing automotive emissions and increase energy efficiency through the deployment of advanced control and battery technology." Enquiries Axeon Holdings plc www.axeon.com Hamish Grant, CEO Tel: +44 (0)1224 338383 David Campbell, CFO Tel: +44 (0)1224 338383 Gavin Anderson & Company Ken Cronin / Robert Speed Tel: +44 (0)20 7554 1400 Chairman's Statement Overview Axeon is pleased to report significantly improved interim results, as the Group continues to meet its development milestones. The acquisition of Advanced Batteries Limited (ABL), now re-named Axeon Power, on 14 March marked a significant strategic step to broaden and deepen our product portfolio and access to market. We were pleased to welcome new institutional and private shareholders as a result of the placing of 7.59 million shares at 58 pence per share which raised AGBP4 …