30th Sep 2015 14:01
LONDON (Alliance News) - Proton Power Systems PLC on Wednesday said its pretax profit narrowed significantly in the first half due to derivatives losses a year earlier, but revenue halved in the period.
Proton Power, which develops fuel cells and fuel cell electric hybrid systems, said its pretax loss for the half to the end of June was GBP950,000, compared to a GBP6.4 million loss a year earlier, when it booked GBP3.8 million in derivative contract losses, which turned to a small gain this year.
But revenue for the company declined to GBP387,000 from GBP869,000 in the half, due to challenging conditions in the clean technology market. The company also cut costs across the business in the first half and expects these to feed through in the second half.
"As Proton Power is progressing, its determination and drive to bring this new technology to the market is palpable. The goals are within sight and certainly achievable. Proton is focused on its core Stationary, Mobile and Maritime markets and is well positioned to benefit from the growth expected in these particular areas," said Chairman Ian Peden.
Shares in Proton were up 3.6% to 5.438 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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