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Ceres Power loss widens in first half as it ups R&D investment

28th Sep 2023 09:25

(Alliance News) - Ceres Power Holdings PLC on Thursday said revenue rose in the first half but its pretax loss widened as it invested further in research & development.

The clean energy technology developer reported that revenue jumped by 17% to GBP11.3 million in the first half of 2023, from GBP9.7 million the year prior.

However, the firm said its pretax loss widened to GBP26.4 million, from GBP24.5 million a year ago. The firm noted that it made investments of GBP30.6 million, up from GBP25.7 million in 2022, in its "investment in the future" scheme.

Ceres did not declare a dividend for the period.

Looking ahead, the company said full-year growth compared to 2022 will be subject to it securing new licensees. It noted that it doesn't expect revenue associated to its China joint ventures with Bosch and Weichai to be recognised in 2023.

Chief Executive Phil Caldwell said: "We are at an important stage of the company's growth as we support our partners to scale manufacture for our existing fuel cell business, and make rapid progress in the development of our game-changing electrolyser technology, which will enable new partnerships to address the huge market opportunity for green hydrogen.

"Our recent inclusion in the FTSE250 index and the recognition for engineering innovation of the MacRobert Award have been made possible by the progress of the company, and the hard work the team has put into maturing the Ceres technology over many years."

The firm joined the FTSE 250 index on September 18.

Ceres Power shares rose 0.2% to 329.98 pence each on Thursday morning in London.

By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

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