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LONDON (Alliance News) - Proton Power Systems PLC Tuesday proposed a restructuring of the business into three trading units to underline its future growth strategy as it looks to capitalise on volume growth within the clean technology market.
Proton Power Systems shares were up 55% to 5.43 pence per share on Tuesday morning.
The designer, developer and producer of fuel cells and fuel cell electric hybrid systems said it plans to split the business into three units; the Stationary business, Mobile business and a Maritime business - which it said will allow each division to focus on their market sector as "traction in the Clean Tech market increases".
The company has already reorganised the board as a result of its plans. Business Development Director Thomas Meltzer has resigned with immediate effect whilst Financial Director Achim Loecher has also stepped down, however, he will remain as a non-executive director of the business.
"The business model pursued by the company up to this point in time, offering a broader portfolio of products in fuel cell hybrid power solutions provider, has worked. The group increased in size and continued in further investments in product development and manufacturing capabilities," said the company.
"Furthermore, the stature and scale of our customers has improved. As a result, increasingly exciting and favourable sales opportunities and partnerships have arisen for the company," Proton Power systems added. "With the three new proposed reorganised divisions, the Board believes that the Company can drive further integration and selling opportunities, whilst reducing overheads with a shared service infrastructure."
Proton Power Systems said current trading, as it recently reported, is positive and revenue in 2016 is expected to show "significant growth". The company is expecting revenue this year to be "250%" higher than the GBP684,000 generated last year, suggesting revenue of GBP1.7 million.
Notably, revenue in 2014 was GBP1.4 million.
"This new structure will offer a focus to the market demands in each business segment which will improve shareholder value. Proton will provide year on year revenue streams as commercialization of our core technology is now realised," said Chief Executive Faiz Francoise Nahab.
"The board sees proof that the fuel cell technology is commercially attractive to customers resulting in projects which will provide years of revenues for Proton," he added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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