Fuel-cell developer Proton Power Systems said its annual losses narrowed after a fall in revenue was offset by lower sales costs.
Pre-tax losses amounted to £13.7m, compared to £19.5m of red ink in 2016, when the company also incurred a larger loss on the value of derivatives.
Revenue fell 44% to £1.1m due to the company delivering 22 systems back in 2016 in connection with a DB Bahnbau Gruppe contract.
A subsequent follow-up order from DB Bahnbau Gruppe was received in August for a total value of £149k, for delivery in the second quarter of 2018.
'Proton Power has made further progress this year in proving its technology, building on our strategic co-operations and our sales pipeline,' chairman Helmut Gierse said.
'Further investment in our manufacturing capability has put us in a stronger strategic position to capitalise in the marketplace and to deliver financial performance.'
'We have strengthened our organisation to be able to deliver complete power supply solutions.'
'We add value with our fuel cell expertise and with our system and solution know-how.'
At 1:11pm: (LON:PPS) Proton Power Systems PLC share price was -0.2p at 4.55p