7th Oct 2015 08:42
LONDON (Alliance News) - Ceres Power Holdings PLC on Wednesday said its pretax loss widened in the year to the end of June after sales revenue it expected to make did not materialise.
The company, which is developing next-generation fuel cell technology for use by the energy industry, said its pretax loss widened to GBP11.6 million from GBP8.5 million the year earlier, as its revenue fell to GBP324,000 from GBP1.2 million.
Compounding the decline in revenue were increased investments made in testing, validation and engineering over the year as the company sought to grow.
"We have successfully demonstrated the ability of the Steel Cell technology to meet the most demanding performance requirements in our partner programmes in Japan and South Korea. We continue to focus on securing further agreements with key commercial partners and I expect to announce progress on this in the near future," said Phil Caldwell, the company's chief executive.
Ceres shares were down 2.6% to 8.4 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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