Hoffmann Green Cement Technologies (HGCT) saw a hike in its turnover to EUR0.62m in 2019 from EUR0.289m in 2018. The company’s EBITDA declined to EUR-1.846m while EBIT reached EUR-3.079m due to significantly-higher amortisation charges. Its operational result came to EUR-3.1m, mainly due a 20 per cent non-conversion premium of convertible bonds into shares, which was noted at the time of the company’s IPO. The company’s net income reached EUR-4.339m after taking into account a EUR1.9m tax product.

In 2019 HGCT invested EUR3.7m, mainly into improving processes at the H1 production site in Bournezeau, Vendee as well as into the acquisition of land for the H2 site and the purchase of equipment for its research laboratory.

Julien Blanchard and David Hoffmann, co-founders of Hoffmann Green Cement Technologies, said: "We ended 2019 with a positive dynamic which was marked by the crossing of key stages of our development plan. First of all, our various commercial successes have confirmed the relevance and attractiveness of our positioning and its added value in a market that must engage and accelerate its energy transition. We therefore marketed our first 1000 tonnes of carbon-free cements, a level in line with our objectives.

“As planned, we initiated the extension of our H1 production site, continued our efforts to build the H2 site, from which the land was acquired, and extended our research for H3. 2019 was also an opportunity to strengthen the teams and work continuously on the consolidation of our intellectual property.

“2019 was also marked by the success of our initial public offering on Euronext Growth Paris, which gives us the means to accelerate our industrial, commercial and R&D development for the years to come.”