ELCOGEN GROUP LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1 in the financial statements, which indicates that additional funding is required to ensure the Group can remain operational and meet its obligations... which indicates that a material uncertainty exists that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. ELCOGEN GROUP LIMITED 2026-01-13 → present
2. ELCOGEN GROUP PLC 2021-05-28 → 2026-01-13
3. BALTIC NEWCO PLC 2021-05-27 → 2021-05-28
4. BALTIC NEWCO LIMITED 2021-03-24 → 2021-05-27

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1 in the financial statements, which indicates that additional funding is required to ensure the Group can remain operational and meet its obligations... which indicates that a material uncertainty exists that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. ELCOGEN GROUP LIMITED · parent
   1. Elcogen AS 100% · Estonia · SOFC/SOEC cells development and manufacturing
   2. Elcogen OY 100% · Finland · SOFC/SOEC stacks development and manufacturing

Significant events

• “Elcogen secured €30 million in new investment from Baker Hughes and Mirae”
• “Elcogen was awarded a €24.9 million grant from the EU Innovation Fund”
• “Construction of a new factory facility in Loovälja Industrial Park, Estonia commenced”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

14

last 12 months

Capital events

3

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +2.9%

  £6,082,941 → £6,261,896

• Cash

  -24%

  £32,177,301 → £24,459,847

• Net assets

  +41.1%

  £39,836,391 → £56,204,304

• Employees

  —

  Not reported

• Operating profit

  -30.4%

  -£11,724,161 → -£15,290,486

• Profit before tax

  -28.2%

  -£11,351,936 → -£14,558,412

• Wages

  +49.8%

  £4,139,959 → £6,199,938

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers