Proton Power shrinks sales and losses in 2015

Designer and producer of fuel cells and electric hybrid systems, Proton Power Systems, reported on a year of reduced sales but a narrower loss on Friday.

The AIM-traded company said the reduction in sales to £0.68m from £1.41m in 2014 was due to the phasing of its Siemens order within the 2015 calendar year.

It described a “clear momentum” in the business resulting in increased enquiries and a larger sales pipeline, with a current order book of £1.8m during the year.

Proton’s operating loss reduced by 26% from 2014 to sit at £4.6m at year-end, with cash burn from operations also shrinking by 6% to £4.5m.

"The group has been providing CleanTech Hybrid Fuel Cell solutions for over 20 years, resulting in a very strong technical and financial base for the long term,” said Proton Power chairman Ian Peden.

“Fuel cell technology creates electricity from hydrogen while it does not emit carbon dioxide.”

Peden said as a substance, hydrogen is easily stored which makes it the ideal energy source for the future.

“Hydrogen related businesses globally are currently estimated at $58bn and this market is estimated to grow dramatically in the future.

“The group is ready and strategically positioned to roll out solutions to the world markets,” Peden added.