6th May 2016 07:47
LONDON (Alliance News) - Proton Power Systems PLC on Friday said its pretax loss narrowed in 2015 as a big fall in administrative costs offset falling revenue.
The fuel cell company said its pretax loss for the year to the end of December was GBP9.2 million, compared to GBP10.1 million in 2014. Revenue slumped to GBP684,000 from GBP1.4 million, but this was offset by administrative costs falling to GBP1.1 million from GBP3.1 million.
The fall in revenue, Proton said, was down to the phasing of its order from Germany's Siemens AG for healthcare equipment batteries.
However, Proton said it won a new contracts over the course of 2015 and has GBP1.8 million in its order book for delivery in 2016, pointing to an improvement in revenue.
Proton Power shares were down 9.6% to 3.51 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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