16th Mar 2020 12:18
(Alliance News) - Ceres Power Holdings PLC on Monday said it expects strong trading to continue, with Covid-19 not yet affecting its outlook.
The fuel cell and electrochemical technology business reported revenue growth of 34% for the six months to December to GBP11.0 million, which is a reflection of "strong progress on major contracts".
Horsham-headquartered Ceres posted a pretax loss of GBP2.8 million, flat from the year before, due to a GBP230,000 finance expense which did not occur the year prior as well as extra operating costs.
Shareholders such as Germany's Bosch and Chinese firm Weichai have recently completed new investments in the firm, leaving it in a solid financial position, Ceres said.
Looking ahead to the rest of its financial year, Ceres expects similar revenue growth to the first half. The order book is "strong" at GBP22 million, and the pipeline stands at GBP50 million, both as at December's end.
Chief Executive Phil Caldwell said: "Ceres has a technology that the world urgently needs to tackle climate change. As a management team, we are focused on maintaining our industry-leading position in fuel cells, while also maximising the future value for Ceres presented by the broader addressable market for clean energy technology."
"I believe the quality and success of the partnerships we have built with Bosch, Weichai, Doosan, Miura and others is a huge endorsement of our technology, our team and our approach. We are now in a privileged position, with investor support, committed partners and balance sheet strength, to capitalise on the substantial opportunities that exist to deliver long-term profit and to do so with purpose," he added.
Ceres said it is monitoring the Covid-19 situation, and said full-year performance is still in line with market expectations.
Shares were 13% lower on Monday shortly after midday in London at 298.00 pence each.
By George Collard; [email protected]
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