LONDON (Alliance News) - Proton Power Systems PLC, the fuel cell system developer, Tuesday reported a bigger loss in 2013, despite a 21% increase in revenue, after booking a hefty fair value loss on embedded derivatives.
In 2013, the group's pretax loss widened to GBP9.3 million, from GBP4.2 million in 2012, primarily due to a non-cash loss arising from the change in the fair value of the embedded derivative on the shareholder loan of GBP3.5 million, as well as higher finance costs.
Revenue for the year increased 21% to GBP1.1 million, up from GBP920,000 in 2012, which it said was driven by the acquisition of SPower Holding GmbH. It said that Siemens AG represented almost 41% of the group's revenue in 2013.
During the year, the group said it secured EUR8.1 million in new loan funding from its main investor, Roundstone Properties Ltd, and received grant funding of EUR271,000 from the German government.
Proton Power Systems said that new partnerships, especially in China are expected to have a huge impact on the group's business.
In a separate statement Tuesday, the group said that it has agreed the terms of a EUR10.9 million loan with Roundstone Properties Ltd, which it said it will use for working capital.
It said the loan is repayable on May 6, 2017, and is on the same terms as its previous loan.
Shares in the company were trading 4.9% higher Tuesday morning, at 9.70 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Proton Mtr Pwr (PPS)