Proton Motor Power Systems PLC on Tuesday reported a swing to annual loss as revenue decreased, and said it agreed to a variation to the Falih Nahab loan facility.
The London-based designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems reported revenue of £2.1 million for 2022, down from £2.8 million in 2021.
Total order intake in 2022 amounted to £2.7 million, down from £2.8 million a year earlier. Proton explained that it saw a ‘quieter summer period due to Ukraine invasion’.
The firm reported operating loss of £10.5 million, compared to £9.1 million the year earlier. It said the increased loss resulted principally from further investment in the technical development area, in staff and infrastructure.
It swung to a pretax loss of £18.9 million from a profit of £315 million a year earlier. The firm booked a fair value gain on embedded derivatives of £320.9 million in 2021, compared to none in 2022.
Proton Chief Executive Officer Nahab said: ‘In the year ahead, we will be focused particularly on ramping up production capacity in the new premises and exploiting the current potential order intake and sales and production pipeline.’
Looking ahead, Proton said it is focussed on ‘substantially expanding production and development capacity in order to match increasing market demand’.
Additionally, the firm said it agreed to a variation to its existing loan facility with Falih Nahab. The Falih Nahab facility has been increased to about €71.4 million.
Falih Nahab is a substantial shareholder of the company.
Shares were up 2.7% at 9.50 pence each on Tuesday morning in London.
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