After revealing bleak results in its half-year financials, McPhy Energy, a hydrogen (H2) production and storage specialist, remains confident with worldwide commissions lined up for the next two years.
In its 2016 half-year results, revenue settled at €2.2m ($2.4m), up from €1.8m ($2m) in its 2015 half-year financials but other ordinary income dropped by a significant 69% to €500,00 ($550,000).
McPhy did report that sales were up 25%, driven by the installations of its GNVert refuelling station in both Lyon and Valence Romans, but despite this growth in sales, net profit continued along the same path as the previous year with the company reporting a €5.2m ($5.7m) decrease.
Net cash declined by €3.8m ($4.2m) in the first-half of 2016, dropping from €14m ($15.4m) at the end of 2015 to €10.2m ($11.2m) as of 30th June 2016.
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