1st Oct 2013 10:54
LONDON (Alliance News) - Ceres Power Holdings PLC Tuesday said its pretax losses narrowed in its full-year as higher sales and lower operating costs improved company finances.
The alternative energy fuel cell technology company said its pretax losses narrowed to GBP12.7 million from GBP17.9 million for the twelve months ended June 30.
The company said sales doubled to GBP523,000 from GBP226,000 as new sales deals were completed in Japan and South Korea, and the company ended an agreement to develop a liquefied petroleum gas product for sale in the UK, giving the company a deferred revenue of GBP500,000.
Ceres Power also managed to lower its operating costs to GBP13.3 million from GBP18.5 million as the company took part in a major restructuring programme.
The company said that following the period it has signed further deals in Japan and South Korea and continues to develop its operational efficiency.
Ceres Power shares were down 4.95% to 9.03 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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