LONDON (Alliance News) - Full-cell systems developer Proton Power Systems PLC said on Thursday it swung into a pretax profit in the first half of 2017, with an increase in revenue.
For the six months ended June 30, pretax profit stood at GBP115,000, swinging from a loss of GBP6.7 million for the same period the year before, due to a rise in profit on the fair value of its embedded derivatives to GBP5.0 million, from GBP745,000, as well as a halving of finance costs.
Revenue for the period rose to GBP634,000 from GBP384,000 the prior year, through delivering the GBP523,000 order for the Orkney Island "Surf and Turf" stationary power project.
"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 very strong strategic position to capitalise in the marketplace and to deliver financial performance. We have strengthened our organisation to be able to deliver complete power supply solutions. We add value to our clients through our fuel cell expertise and with our system and solution know-how," said Chairman Achim Loecher.