Bright future for Intelligent Energy

One of these products provides power to telecoms towers. Management signed its first operational framework agreement with an Indian telecoms provider in January, and another in March. With about £50m in annualised revenues, this business is now the company's largest generator of turnover. The business remains on track to hit its medium-term target of 125,000 to 135,000 contracted sites, says management. This could generate around £650m of revenue a year.

Revenues for the loss-making group nonetheless fell in 2013-14, compared with the previous year, as turnover from the Motive division returned to its historical rate. This followed an upfront licensing fee from its long-standing customer Suzuki, which accounted for a third of group turnover in 2013. Motive also struck a deal to provide a "European premium car manufacturer" with access to its intellectual property, which could generate "hundreds of millions" in revenue if the licence is exercised, says chief executive Dr Henri Winand.

IPO-related costs, and an increase in R&D expenditure by around a third to £21.3m for 2014 widened group losses last year. Broker Canaccord Genuity expects a pre-tax loss of £34.2m this year.