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LONDON (Alliance News) - Proton Power Systems PLC on Tuesday said it has increased its loan facility to EUR34.5 million after its loss narrowed in 2017 despite a fall in revenue.
The fuel-cell developer reported a pretax loss of GBP13.7 million for 2017, narrowed from GBP19.5 million posted the year before, as finance costs were reduced to GBP4.8 million from GBP6.1 million.
Administrative expenses also came in lower year-on-year at GBP5.1 million compared to GBP5.6 million.
However, revenue nearly halved to GBP1.1 million from GBP2.0 million a year earlier.
The company said it delivered 22 systems to DB Bahnbau Gruppe GmbH under the seven-year frame agreement signed in 2016 during the period, though the first follow up order was not received until August last year. As a result, delivery is now anticipated in the second quarter of 2018.
Cash burn decreased by 20% to GBP5.5 million in the year from GBP6.9 million. The company said it continues to consider involving investors in financing it through 2018.
In the separate statement on Tuesday, Proton Power said it agreed to increase its existing loan facility with Falih Nahab and his holding company Roundstone Properties Ltd to EUR34.5 million form EUR28.0 million.
The increased facility will be used to satisfy the company's working capital needs, it said.
Falih Nahab holds a "substantial" holding in Proton Power through Roundstone.
The stock was trading 1.1% lower at 4.70 pence per share on Tuesday.
