30th Sep 2021 09:58
(Alliance News) - Ceres Power Holdings PLC on Thursday expressed confidence in the future, as revenue surged in the first half of 2021.
The fuel cell and electrochemical technology company said revenue and other income nearly doubled in the six months to June 30 to GBP17.4 million from GBP8.9 million posted for the first half of 2020, reflecting the strong progress of commercial partnerships.
Pretax loss, however, widened in the half year to GBP7.7 million from GBP6.9 million, as operating costs increased to GBP20.2 million from GBP14.3 million year-on-year.
Going forward, Ceres Power said it is on track to achieve revenue in line with consensus estimates of GBP31.5 million for 2021, subject to no significant constraints on its operations. By comparison, revenue for the 18 months to December 31, 2020 was GBP31.7 million. Ceres recently changed its year-end date to December 31 from June 30.
"The outlook for clean technology innovation and hydrogen remains strong, buoyed by growth in strategies, regulation and green investment. Our partners continue to announce significant developments in the scale and application of our technology and the high level of interest and early engagement around its use for electrolysis to produce green hydrogen is very promising," said Chief Executive Phil Caldwell.
Ceres Power shares were trading 0.2% higher in London on Thursday at 1,117.48 pence each.
By Evelina Grecenko; [email protected]
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