Dedicated hydrogen (H2) solutions provider McPhy Energy has revealed it has crossed the threshold of €10m ($12.4m) in revenue as it releases its 2017 results.
The France-based company reported its sales revenue rose by 34%, crossing the threshold of €10m ($12.4m). This growth was primarily driven by the Europe zone (increased by 84%).
For 2017, strong revenue growth associated with the control of fixed costs led to a consequent improvement of the recurring operating income by 29%, and of the operating income by 20%.
As of 31st December 2017, McPhy has a net cash position of €5m ($6.2m) with a total balance sheet of €20.5m ($25.4m)
Pascal Mauberger, Chairman and CEO of McPhy, said 2017 highlighted the huge needs of the market induced by the necessary transition toward a decarbonised economy. “In this context, McPhy demonstrated the pertinence of its cutting-edge technologies, proven by the international commercial and industrial success of all our activities. This success has allowed us to cross the threshold of €10m ($12.4m) in revenue. This strong growth, coupled with an excellent control of our fixed costs, has led to significant improvement in our results this year.”
“We are also delighted and proud to join the ranks of the Hydrogen Council as a supporting member. It’s a great opportunity for us to work with our peers in the large-scale deployment of the technologies and uses of hydrogen. Given thestrong activity in a lead market and the ongoing ramp-up of our Group, we reaffirm our pursuit of high activity growth in 2018.”
H2 has become an economic reality, benefitting from unprecedented market momentum: it is attracting the interest of politicians, industrialists and investors globally. At the beginning of what is looking to be a new era, McPhy said its technologies and industrial infrastructure are ready for the ‘scaling up’ that was announced in the Hydrogen Council study.
In the context of a leading market, McPhy reiterates its forecast for strong activity growth in 2018. To support this ‘scaling up’, the company continues to explore several strategic options, including industrial partnership, to accelerate its commercial expansion and to strengthen its financial structure.