13th Jun 2022 18:21
Proton Motor Power Systems PLC - Munich-based producer of hydrogen fuel cells and electric hybrid systems - Swings to a pretax profit of GBP603,305 in 2021 from a loss of GBP402,633 in 2020. Revenue rises 46% to GBP2.8 million from GBP1.9 million. Says it achieved this progress despite challenging market conditions. Plans to focus on the maturity of its technology offering, ramping up its production capacity and exploiting its current potential order intake and sales pipeline.
"Furthermore, it is anticipated that the significant strengthening of political commitment to hydrogen, as evident in 2021, will contribute to further accentuating the demand for hydrogen-related products, such as the fuel cell," Chief Executive Faiz Nahab says.
Also announces an increase to its existing loan facilities with SFN Cleantech Investment Ltd and shareholder Falih Nahab.
The SFN facility has been increased to EUR32.4 million plus accrued interest of EUR12.7 million as at the end of May. The Falih Nahab facility meanwhile has been lifted to EUR56.9 million, alongside accrued interest of EUR13.0 million.
Current stock price: 10.27 pence
12-Month change: down 66%
By Abby Amoakuh; [email protected]
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