Proton Motor Power Systems shares were down 3.6% to 10p in early afternoon trading on Monday, after the group reported a dramatic fall in total order intake to £2,800,000 in FY 2021 against £7,300,000 in FY 2020.
The company announced that 49% of its order intake was derived from its stationary segment, compared to 76% the last year, with other orders spread across its mobile, maritime, rail and engineering segments.
Proton Motor Power Systems mentioned several notable orders over the year, including multiple orders from GKN Hydrogen for its S8 Fuel System, an agreement with Torqeedo GmbH for its Marine sector, and a memorandum of understanding signed with Electra Commercial Vehicles Limited to operate as a system integrator to integrate Proton Motor fuel cells into the Electra truck portfolio, followed by an initial order.
The group noted sales of £2,771,000 against £1,893,000 the year before, representing an annual climb of 46%.
The firm reported a gross profit of £425,000 from £83,000 year-on-year, with an operating loss of £9,121,000 against £7,128,000 in FY 2020, which reportedly fell in line with the company’s budgeted expectations.
According to the group, its widened loss was on the back of additional investment in the technical development sector, in support staff to the firm, and infrastructure-related costs.
Proton Motor Power Systems commented that its outlook would focus on ramping up its production capacity, progressing its group technology offer and exploiting the current potential sales pipeline, with the current outlook for FY 2022 looking more optimistic than FY 2021.
“Although faced with highly challenging trading conditions in 2021, the Company has made significant progress,” said Proton Motor Power Systems CEO Dr. 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, as evident in 2021, will contribute to further accentuating the demand for hydrogen related products, such as the fuel cell.”