McPhy revenue drops 21% in 2018 due to delayed orders


McPhy, specialist in equipment for the production, storage and distribution of hydrogen (H2), has announced a 21% drop in its revenue for 2018 due to delays affecting several orders.

McPhy’s revenue declined by 21% to €8m compared to €10.1m the year prior. The decline reflects the delays in the concretisation of several orders and an extension to the length of certain existing projects by McPhy customers.

Revenue in Europe continued to deliver a high growth, rising 23% in 2018, while revenue in Asia was held back by an end to recognition of revenue to the €6.4m contract to deliver the 4MW power-to-gas equipment in Hebei (China). Excluding the impact of this contract, revenue growth would have been 9% in 2018.

Pascal Mauberger, Chairman and Chief Executive Officer of McPhy, said, “The contraction in our 2018 revenue mainly reflects the delays in the concretization of several orders and an extension to the length of certain existing projects by McPhy’s customers, despite highly buoyant conditions in the clean hydrogen market worldwide. These orders should materialize on the medium term. For example, the permit for the second hydrogen station in Lyon awarded at the beginning of 2018 entered into force only in December.” 

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