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Proton Power Systems losses widen

By BFN News | 03:05 PM | Wednesday 31 May, 2017

Proton Power Systems has reported an operating loss for the year to 31 December 2016 of £7,582k, representing an increase of 42% on the previous year. It said this increase was due to further investment in its manufacturing and development capabilities. Sales in 2016 increased by 191% to £1,989k, compared to 2015 sales of £684k. Other highlights were: - Strategic Partnership with Deutsche Bahnbau for stationary power solutions to deliver 22 systems to the market in year 1. - Won £0.5m order for Orkney Island "Surf and Turf" stationary power project. - Delivered the FCREEV to Magna Steyr for demonstration at the Geneva Road Show. - Following the year end, existing loan agreements have been extended to 2019. A further €8m facility has also been agreed. The Company said this together with its secured and planned commercial contracts provides it with the financial strength for its growth plans. The target is for cash flow positivity by 2019. - Cash burn from operating activities increased by 53% from £4.5m in 2015 to £6.9m in 2016. - Delivery of fuel cell eco-system for Swiss housing complex. - Delivery of fuel cell systems to repower LOHC Hydrogen. - Installation of Proton Motor fuel cell powered electric charging station. - Standardisation of its product for bespoke CleanTech Power Solutions. At 3:05pm: (LON:PPS) Proton Power Systems PLC share price was 0p at 3p Story provided by

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