Ceres Power Holdings PLC (LON:CWR) drove higher after it said it expects results for the financial year just ended to be ahead of market expectations.
Revenue and other operating income for the year ended 30 June 2019 are expected to be about £16.5mln, up from around £7mln the year before; the market had pencilled in a figure of around £15mln.
The fuel cell specialist said the outperformance had been driven by continued strong progress across existing contracts with its commercial partners.
READ Ceres Power shares worth 300p, says Liberum in bullish ‘buy’ note
Cash and short-term investments at the end of June topped £71mln.
The company added that the operating loss and cash outflow for operating activities reduced significantly compared to the previous year due to high-margin licence revenue.
Ceres said it expected revenue growth to continue in the current financial year.
"This year has been transformational for Ceres. Our strategic partnerships with Weichai Power and Bosch have enabled us to rapidly grow the business, doubling revenue for the fourth consecutive year,” said Phil Caldwell, the chief executive officer.
“Fuel cells are one of the few technologies that offer a path to hydrogen and a net zero carbon future, tackling climate change and improving air quality globally. The past year has seen a renewed interest in the fuel cell sector and we are well positioned to benefit from this growth having established relationships with major manufacturers in the world's leading fuel cell markets. With a strong balance sheet, unique technology and world class partners, we are on track to establish Ceres as a leading global fuel cell company," Caldwell declared.
In afternoon trading, shares in Ceres Power were 4.1% higher at 176p.
-- Adds share price --