18th Aug 2020 12:01
(Alliance News) -Â Fuel cells developer Proton Motor Power Systems PLC on Tuesday said sales jumped in the first half of the year, but its loss was unchanged.
Revenue for the half-year to June 30 was GBP1.1 million, up sharply on GBP269,000 a year ago. However, its operating loss was flat at GBP2.8 million after an 8.4% rise in administrative expenses to GBP3.2 million.
Revenue for the first half of 2020 outstripped the entirety of 2019, when the firm recorded sales of GBP769,000. Proton Motor said the interim loss was "in line with our budgeted expectations."
Proton Motor said it has not been affected by Covid-19 to date, as there has not been a case amongst its staff.
"Whilst our staff have to maintain social distancing and other recommended measures to protect themselves against the virus, our factory in Puchheim remains fully open and our production capacity is unaffected, thus being able to focus on manufacturing," the firm said.
It has also not seen any material supply bottlenecks.
Shares in Proton Motor were down 6.1% at 63.86 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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