Proton Motor Power makes progress amid 'challenging trading'

Fuel cell and electric hybrid technology company Proton Motor Power Systems reported a first-half order intake of £1.5m on Wednesday, down from £1.8m year-on-year.

The AIM-traded firm said that left it with a total order book at the end of the period on 30 June of £2.3m, to be delivered by 2023, including repeat orders from existing customers and income from maintenance agreements.

Sales in the six months rose to £0.98m, from £0.92m a year earlier, while the company said it was generating a positive gross margin.

It also increased its existing loan facilities with principal shareholders by about €12.5m.

“Although faced with highly challenging trading conditions in 2022, the company has made further progress,” said chief executive officer Dr Faiz Nahab.

“In the year ahead, we are focused on further progressing the maturity of the group's technology offer, ramping up production capacity and exploiting the current potential order intake and sales pipeline.

“Furthermore, it is anticipated that the significant strengthening of political commitment to hydrogen, continuing to be evident in 2022, will contribute to further accentuating the demand for hydrogen related products, such as the fuel cell.”

At 1521 BST, shares in Proton Motor Power Systems were down 2.51% at 9.14p.

Reporting by Josh White at Sharecast.com.