2nd Oct 2019 10:07
(Alliance News) - Fuel cell manufacturer Ceres Power Holdings PLC on Wednesday said it has doubled its revenue for the fourth year in a row during a 12 month period where it secured significant license deals.
In the year ended June 30, Ceres reported revenue of GBP15.3 million, up from GBP6.3 million a year ago. It narrowed its pretax loss to GBP7.3 million from GBP11.9 million.
During the period, Ceres unveiled a combined heat and power system, together with Japanese firm boiler manufacturer Miura Co Ltd. It was the London-listed firm's first product launch in the country.
Ceres also secured collaborations with Germany's Robert Bosch and China's Weichai Power.
More recently, the company inked a two-year licence and joint development agreement worth GBP8.0 million with South Korean firm Doosan Corp.
Looking ahead, Ceres reported that it has an order book of GBP28.4 million with a pipeline worth more than GBP50 million.
Chief Executive Phil Caldwell said: "2019 was a milestone year for Ceres, which saw us double revenue for the fourth year running through significant license deals and secure our first commercial product launch in Japan later this year, while also approaching first production at our new UK reference manufacturing facility. We now have license agreements in place with four of the world's largest engineering and power companies.
"Global awareness of the role that fuel cells can play in tackling climate change and improving air quality is growing rapidly. The talent of our team and the quality of our customer partnerships give us increased confidence in the future prospects of Ceres."
Shares in Ceres were 1.9% higher at 212.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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