CCE.L Share News (CCE)

Camco Clean Energy investors were unimpressed with the firm's annual results on Monday, which revealed a decline in revenue to €9.9m from €12.3m a year earlier due to the anticipated reduction in CDM carbon activity.The group continued to operate within its reduced and tightly controlled operating expenditure base, resulting in losses the year halving from €3.8m to €1.9m.During what it described as a "defining year", during which it saw "great progress" across all three of these business units, the cost of sales reduced to €4.9m compared to €5.3m in 2013."As a result we are building long term equity value for our shareholders, which is our core focus," chief executive officer Scott McGregor said.During the 12 months, the company brought its energy storage technology (REDT) to market, secured an investment advisory fund mandate for African renewables and developed utility scale biogas plants in the US. McGregor continued: "Our task in 2015 is clear and the outlook very promising. We must focus on bringing REDT's energy storage system to market and establishing the areas where product deployment makes the most economic sense. In our Africa Clean Energy business we aim to further strengthen our presence and reputation in the region by delivering on GAP and other mandates, as well as becoming sufficient in our own right."Our Africa teams will work closely with REDT, acting as a channel to market in what is a key region for energy storage. In the US, we will continue to explore strategic alternatives for this business to bring value to the company."Cash and equivalents dropped to €4.1m from €4.5m a year earlier.