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(Alliance News) - Fuel cell manufacturer Proton Power Systems PLC on Monday reported a widened interim loss as revenue fell.
Revenue for the six months to June 30 fell to GBP269,000 from GBP506,000, with the firm's operating loss widening to GBP2.8 million from GBP2.2 million. Administrative expenses rose to GBP2.9 million from GBP2.2 million.
Due to the volume of incoming orders in the first half of 2019, the company has an order backlog with a sales value of GBP5.1 million, including ongoing eight years of warranty income.
"Proton Power has made further progress in the period with delivery of commercial contracts in proven technology, strategic co-operations and building our sales pipeline. Further investment in our manufacturing capability has put us in a stronger strategic position to capitalise in the marketplace and to deliver financial performance," the company said.
Shares in Proton Power were down 6.5% at 20.10 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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