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Proton Motor Power Systems PLC - Munich-based producer of hydrogen fuel cells and electric hybrid systems - Swings to a pretax profit of £603,305 in 2021 from a loss of £402,633 in 2020. Revenue rises 46% to £2.8 million from £1.9 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 €32.4 million plus accrued interest of €12.7 million as at the end of May. The Falih Nahab facility meanwhile has been lifted to €56.9 million, alongside accrued interest of €13.0 million.
Current stock price: 10.27 pence
12-Month change: down 66%
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