StockMarketWire.com - Fuel cells company Proton Motor Power Systems reported wider operating losses in the first half of the year as higher investment spend and lower sales weighed on performance.

For the six months to 30 June, operating losses - excluding the impact of the embedded derivative and exchange losses - widened to £3.9 million from £2.8 million year-on-year as sales fell to £922,000 from £1.1 million.

The wider losses was in line with the company's budgeted expectations and 'resulted from further investments in product development, production and staff in addition to manufacturing infrastructure,' the company said.

'Despite the COVID-19 backdrop, a further strengthening of industry and consumer demand for alternative sources of energy continues, supported by various governments' strategies towards the 'hydrogen economy,' it added.



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