Shares in hydrogen fuel cell specialist Proton Power Systems Plc (LON:PPS) leapt 80% as it unveiled a business overhaul and predicted sales this year would jump by 250%.
The cleantech group also unveiled a boardroom shake-up. Thomas Meltzer, business development director, has left the company with immediate effect while finance director Achim Loecher will become a non-executive director.
WATCH: Proton Power "well-placed" says chairman ...
In terms of strategy, Proton added that up until now it had supplied a broader portfolio of fuel cell hybrid power projects, but had now decided to split into three business units: stationary; mobile and maritime.
The new structure will allow further integration and selling opportunities while reducing overheads with a shared service infrastructure, said Proton.
At the AGM in June, the company said its order book had grown in size to €2.5mln and today said revenues for 2016 will show growth of approximately 250%.
Faiz Francoise Nahab, Proton’s chief executive, added: "This new structure will offer a focus to the market demands in each business segment which will improve shareholder value.
“Proton will provide year on year revenue streams as commercialization of our core technology is now realised.”
Shares rose 80% to 6.31p.
-- updates for share price --