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Ceres Power reiterates forecasts following strong revenue growth in first half

In an update for the six months to June 30, the fuel cell specialist reported revenue and operating income of around £17mln, up from £8.9mln a year ago

Ceres Power Holdings PLC - Ceres Power reiterates forecasts following strong revenue growth in first half

Ceres Power Holdings PLC (LSE:CWR) has said it is “on track” to be in line with full-year estimates following strong revenue growth in its first half.

In an update for the six months to June 30, the fuel cell and electrochemical technology specialist reported revenue and operating income of around £17mln, up from £8.9mln a year ago, with an order book and pipeline of £42mln and £44mln respectively.

READ: Ceres Power appoints Professor Dame Julia King as an independent non-executive director

Ceres also said it had raised £181mln through a share placing in March and had cash and short-term investments of around £263mln at the end of June.

As a result, the company said it is on track to be in line with revenue consensus estimates of £31.5mln for the full year.

Meanwhile, Ceres said work is currently “going well” on its first-of-a-kind solid oxide electrolyser (SOEC) one megawatt-scale demonstrator which is predicted to be operational in 2022.

The group also said it has seen “strong interest from commercial partners” and that it has continued investment in its business with the recruitment of over 100 new employees and the appointment of several new directors.

"It has been another period of significant growth for Ceres with strong and meaningful strides from our partners. In addition, we successfully raised £181mln to pursue a broader strategy in electrolysis for green hydrogen and to double the addressable market for our solid oxide technology," Ceres chief executive Phil Caldwell said in a statement.

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Price: 1140 GBX

Market Cap: £2.17 billion

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