Confirming total sales are up 23% from €3.2m ($3.5m) to €3.9m ($4.3m) in the last financial year (2015), McPhy Energy accredits an acceleration of sales in the energy market, particularly for hydrogen (H2) mobility.
The manufacturing business largely recognises this revenue growth due to reaching €2.1m ($2.3m), up 22%, in the second half of 2015 alone, but it also saw first half sales up 23%, from €1.4m ($1.5) to €1.8m ($2m).
Through planned reduction in variable expenses associated with demonstration projects and tight controls over committed fixed costs, McPhy’s cash burn was reduced from €13.1m ($14.3) in 2014 to €5.5m ($6m) in 2015. The company had €14m ($15.2) in cash at the end of last year.
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