Companies: OPT   

Wave energy technology venture OPT's shares may have drifted from the 125p issue price, but the company's speculative attractions have not diminished. The New Jersey-based outfit is commercialising offshore wave-powered electrical generation systems called 'PowerBuoy'. It floated on Aim in October, raising an impressive £22.4m. These systems are expected to allow the efficient production of non-polluting electricity generated by waves in the sea. Analysts are particularly excited by OPT because the electrical power generated is a way of meeting the energy needs of utility companies, independent power producers and the public sector. Maiden figures since the float, for the six months to October, showed a net loss of $3.6m (£2.1m), widening from $597,483, or roughly £340,000, but the deficit included a one-off $3.5m payment planned at the time of the flotation. Revenues were $2.44m (£1.4m), up 121% from the previous year's $1.1m figure and operational losses were pared from £367,000 to only £73,500. Sales primarily came from OPT's biggest deal, installing PowerBuoys at a US Marine Corps base off the island of Oahu, in Hawaii with the US Navy's help. Fabrication of the first PowerBuoy to be installed in Hawaii should be completed in January. Last year to April, OPT lost £513,000 on sales of £1.6m, and the company is not expected to make a profit until 2006.