Sunderland pump and valve maker Haskel Europe Ltd has reported a loss-making year as it invests to take advantage of the emerging hydrogen market.
The 85-strong firm saw an operating loss of £4.1m in the year to the end of November 2021, citing its continued diversification into the hydrogen refuelling market. From its Sunderland base, Haskel exports a range of high-pressure pumps and valves capable of handling fluids and gases for customers around the world.
In newly published accounts, the firm said turnover had increased slightly to £20.7m thanks to sales of its hydrogen filling station technology including compression, storage and dispensing capabilities. However gross margin decreased from 27% to 1% during the year, a result, the firm said, of continued investment in its clean energy transition.
