12th Mar 2014 10:30
LONDON (Alliance News) - Ceres Power Holdings PLC Wednesday said its pretax loss narrowed significantly in its first-half as improved revenues and reduced costs helped the company.
The fuel-cell technology company said its pretax profit narrowed to GBP3.8 million for the six months ended December 31, 2013 from GBP8.4 million the previous year as revenues increased 78% to GBP895,000 from GBP502,000 in 2012.
The company said its revenues increased as commercial progress relating to new customers in Korea and Japan and deferred revenue payments from previous supply agreements helped the company.
The majority of Ceres' gain was made by reducing its operating costs significantly to GBP4.9 million from GBP9.0 million the previous year as the company reduced its average number of employees and focused on core technology delivery as a result of a major change in strategy during 2012.
Ceres also noted that its KD Navien Technology Assessment Agreement is on track with the two companies continuing to work closely together and its feasibility studies for high power applications are progressing with the potential for higher efficiency and the opening up of new markets moving forward.
The company said it was excited by further testing of the company's technology in Korea and Japan during the previous six months and it expects further evaluations of the technology in the USA and the Far East later this year.
Ceres Power shares were up 6.0% to 7.05 pence, putting it in the top AIM risers in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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