27th Feb 2024 12:19
Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems - Says its 2023 revenue remains unchanged at GBP2.1 million. Notes a 43% increase in the value of systems sales to GBP2.0 million, from GBP1.4 million in 2022. Adds that its total order intake for 2023 was GBP2.5 million, down 7.4% from GBP2.7 million the previous year.
Chief Executive Officer Faiz Nahab says: "As we increase our focus on strengthening Proton Motor's position to take advantage of the expected increase in demand for hydrogen technology, we are pleased that activity during the period continued to develop the pipeline of opportunities for our hydrogen fuel cell systems with both new and existing customers...we delivered significant orders as part of innovative projects which showcase the important role of hydrogen in the energy transition.
"As ever, we remain committed to ensuring that the company is well positioned to meet growing demand, supported by the new production facility and investment in strengthening our sales team."
Current stock price: 2.60 pence, down 14%
12-month change: down 80%
By Sabrina Penty, Alliance News reporter
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