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Proton Power narrows operating loss

By BFN News | 08:37 AM | Thursday 28 September, 2017


Proton Power Systems, a designer, developer and producer of fuel cells and fuel cell electric hybrid systems, narrowed its operating loss from £3.2 million to £2.5 million in the first half, in line with expectations. Sales grew from £384,000 to £634,000, primarily through the delivery of the £523,000 order for the Orkney Island "Surf and Turf" stationary power project. Its strategic partnership with Deutsche Bahnbau for stationary power solutions has now started to show potential, as the technology rollout programme over a seven-year frame contract is being realised. Cash burn from operating activities has increased as a result of investment in working capital required to deliver the order book, which amounted to £582,000 at the beginning of the first half 2017 . The company's objective is to achieve a positive cash flow in the shortest time possible. The cash position at 30 June 2017 was £755,000 versus £805,000 at 30 June 2016. At 8:37am: (LON:PPS) Proton Power Systems PLC share price was 0p at 3.38p Story provided by StockMarketWire.com

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