Ceres Power Holdings (CWR)

Down
Share Price:
438.80p
Market Cap:
£938.18m
Change Today:
-33.00p
Sector:
Energy Producers

Ceres Power underlying losses narrow on 'strong' H1 revenue growth

By Iain Gilbert

Date: Friday 27 Sep 2024

LONDON (ShareCast) - (Sharecast News) - Fuel cell technology group Ceres Power said on Friday that it had delivered "strong growth" in revenue and order intake in the six months ended 30 June, along with a "significant reduction" in cash outflows.
Ceres Power said revenues had skyrocketed 144% to £28.5m, while gross profits surged 217% to £22.9m, and gross margins improved from 62% to 80%. Adjusted losses were significantly reduced, dropping from £23.5m in H123 to £9.0m a year later.

The London-listed group also said it had seen record order intake from signing new contracts of £46.9m in H1, growing to £103.3m since the start of the year to 31 August.

Ceres also highlighted its "significantly reduced" cash outflow of £13.9m, dropping from £21.0m and driving "robust cash" and short-term investments of £126.1m.

Looking forward, Ceres reconfirmed its upgraded revenue guidance for the year of £50.0m to £60.0m, based on contracts secured to date.

As of 0945 BST, Ceres shares had rallied 14.89% at 230.0p.









Reporting by Iain Gilbert at Sharecast.com

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

CWR Market Data

Currency UK Pounds
Price 438.80p
Change Today -33.00p
52 Week High 844.50p
52 Week Low 100.20p
Volume 3,357,336
Shares Issued 213.81m
Market Cap £938.18m

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