Proton Motor Power Systems PLC on Thursday reported a drop in half-year revenue as order intake fell.
The London-based designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems said revenue in the first half of 2023 fell 5.5% to £929,000 from £980,000 a year prior, due to a lower order intake of £1.4 million, compared to £1.5 million.
More positively, loss attributable to shareholders narrowed to £5.5 million from £8.0 million the year before. Cost of sales and administrative expenses both rose, but Proton benefited from a foreign exchange gain in the recent year compared to a loss a year before.
Looking ahead, Proton Motor said it will continue to take advantage of growth opportunities in the near and long term.
Chief Executive Officer Faiz Nahab said: ‘Activity during the period has been focused on continuing to position Proton Motor to be able to take advantage of the expected growth in demand for fuel cells, as the public and political will grows towards the transition to a decarbonised energy system.
‘Part of that focus has been on ensuring the company is well placed to scale production to meet demand, while there’s also been a drive to grow and develop sales and marketing channels to support the delivery of more near-term opportunities and access to future demand. Having invested in products that we know are market-leading, turning our attention to scaling-up production and sales is a natural next step.’
Shares in Proton Motor Power were trading 3.6% lower at 7.96 pence each in London midday Thursday.
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