We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ceres Power Holdings Plc | LSE:CWR | London | Ordinary Share | GB00BG5KQW09 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-5.60 | -3.87% | 139.20 | 138.80 | 139.50 | 148.00 | 138.10 | 141.40 | 600,230 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electric & Other Serv Comb | 22.13M | -45.12M | -0.2339 | -5.96 | 268.96M |
TIDMCWR
RNS Number : 7871Y
Ceres Power Holdings plc
08 March 2017
8 March 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Ceres Power Holdings plc
Half-yearly results for the six months ended 31 December 2016
New partners, new markets and a growing international presence - INCLUDING FIRST PRODUCT LAUNCH PARTNER
Ceres Power Holdings plc ("Ceres Power", the "Company" or the "Group") (AIM: CWR.L), a world leading developer of low cost, next generation fuel cell technology, announces its half-yearly results for the six months ended 31 December 2016.
Highlights
-- New commercial partners including first 'go-to-market' agreement:
o Two new development agreements signed in the period, bringing total to four including with Honda, Nissan, Cummins and a further global OEM
o First 'go-to-market' agreement signed with global OEM to develop and launch highly efficient combined heat and power ("CHP") product for business markets
-- Strong revenue and pipeline: Revenue and other operating income for first half year tripled to GBP1.5 million (FH1 2016: GBP0.5m). Aiming for full year to at least double. Order book of GBP4.8 million as at 31 December 2016 and 3 new evaluation agreements underway with potential future partners.
-- First significant US commercial success with global power leader Cummins & the US Department of Energy to develop an energy system for Data Centre and commercial scale applications
-- New market opportunities enabled by rapid progress in SteelCell(TM) technology. The improvements in efficiency, robustness and power density have opened up new high growth power markets in commercial/business sectors
-- Successful fundraise: GBP20m placing enables continued investment in business and technology
Financial Highlights:
Six months Six months ended 31 ended 31 December December 2016 (unaudited) 2015 (unaudited) GBP'000 GBP'000 ------------------ ------------------ Total revenue and other operating income, comprising: 1,551 453 Revenue (1) 1,026 235 Other operating income 525 218 Operating loss (6,242) (6,235) Equity free cash flow (2) (4,176) (5,431) Net cash and short term investments 22,174 12,753
1 2016 revenue includes the release of GBP0.4 million of deferred revenue in respect of contracted work completed for British Gas (2015: GBP0.1m)
2 Equity free cash outflow (EFCF) is the net change in cash and cash equivalents in the year (GBP0.2 million) less net cash generated from financing activities (GBP19.4 million) plus the movement in short term investments (-GBP15.0 million)
Phil Caldwell, CEO of Ceres Power said:
"Ceres Power is on track for an excellent year, driven by new commercial partnerships, the rapid progress of our technology and our first 'go-to market' agreement bringing us closer to a first product launch. We said we would sign five partners by the end of 2017 and with four to date we are on track to do just that, plus we have three new evaluation agreements and a strong pipeline with a series of international prospective partners.
With a forward order book of GBP4.8 million and a successful fundraising secured, we are in a strong position to capitalise on significant market opportunities. As the world wrestles with the growing challenge of a decarbonising and decentralising energy system, our proven SteelCell(TM) technology, and our work with global power specialists, shows Ceres Power is capable of providing a cheaper, cleaner, distributed alternative to centralised power generation."
For further information please contact:
Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, CFO Dan Caesar, Communications +44 (0)1403 273 & Marketing Director 463 Zeus Capital (Nominated Adviser and Broker) Phil Walker/Andrew Jones +44 (0) 20 3829 Hugh Kingsmill Moore 5000 Powerscourt +44 (0) 20 7250 Peter Ogden/Andy Jones 1446
About Ceres Power
Ceres Power is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO(2) , SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell(TM) technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres Power offer its partners the opportunity to develop power systems and products using its unique SteelCell technology and know-how, combined with the opportunity to supply the SteelCell(TM) in volume through its manufacturing partners. For further information please visit: http://www.cerespower.com/
Chief Executive's statement
Ceres Power is well positioned to continue to execute its strategy as an enabling technology provider for the world's leading power systems companies. The SteelCell(TM) technology and the Company's expertise have a growing, global reputation and we are on target for an extremely successful year.
The market opportunity - enabling a decarbonised and decentralised energy system
-- Climate change and the need for clean air, reinforced by the Paris COP21 agreement and leading global corporates, is maintaining the momentum towards cleaner distributed power generation
-- The inexorable growth of the Electric Vehicle and Data Centre sectors will increase the demand for electricity and, coupled with increasing wind and solar generation, will destabilise the centralised power generation model
-- Advancements in Ceres Power's SteelCell(TM) technology have opened up sector opportunities beyond Residential to include the fast-growing Data Centre, Electric Vehicle and Business sectors
-- SteelCell(TM) is a significantly superior alternative to conventional gas and diesel engines as it produces close to zero SOx and NOx emissions at a higher efficiency
We are working towards a vision of embedding our cutting-edge SteelCell(TM) technology into world-leading products within the Home, Business, Data Centre and Electric Vehicle markets. Ceres Power has traditionally been focussed on micro-CHP in the Residential market, however significant progress has enabled SteelCell(TM) to rapidly establish itself as a leader in markets where higher power output is required, significantly expanding the business opportunity.
The majority of our customer demand is now for larger power systems than our residential scale product offering, and to proportionately address these high value markets, we have started developing larger cells and stacks.
With a strong start to 2017, the Company is ready to capitalise commercially by securing more key partners, as well as progressing our existing relationships.
Commercial Progress
-- First 'go-to-market' agreement signed to develop and launch a highly efficient Combined Heat and Power product to target the business sector
-- First significant US success with agreement to develop a power system for data centres and commercial scale applications
-- Field trials progressing well as part of the EU-funded ene.field programme
In the Autumn, Ceres Power announced its key development role in a recently selected US Department of Energy programme which was awarded to global power leader, Cummins Inc. Together, Ceres Power and Cummins will work closely to develop a power system targeting high electrical efficiency of 60% and scalable to meet multiple distributed power applications. The initial target application will be the fast-growing Data Centre market, this power system will be applicable to other commercial scale uses.
Before the end of 2016, Ceres Power announced a joint development licence agreement to develop and launch a multi-kW CHP product its SteelCell(TM) technology with a leading global OEM. This is Ceres Power's fourth partnership signed and most notably its first 'go-to-market' agreement with the explicit intention of developing and launching a product to the business sector on an ambitious schedule. This is a highly significant step.
Furthermore, field trials, as part of the EU-funded ene.field programme in UK homes, demonstrate the growing maturity of this technology and underpin the reputation of the SteelCell(TM) with our OEM customers.
As a result of this commercial progress, our order book has increased to GBP4.8m as of 31 December 2016.
Rapid technological progress highlights Ceres Power expertise
With a well-established R&D roadmap, real progress with the performance of the technology continues to be made. The most recent milestone saw the latest iteration of the SteelCell(TM) platform (version 4) released to customers on time and budget, reinforcing the Company's reputation for successfully executing against its technology timelines.
Higher power density and fast start-up timescales have been proven, making the SteelCell(TM) increasingly commercially attractive in a growing number of markets. The technology is well-suited as a range extender for the Electric Vehicle market and the net electrical efficiencies now being delivered see Ceres Power developing solutions for the Data Centre market.
The core technology is increasingly applicable to customers that require a higher power output and we are now increasing cell size and optimising stack design to meet their requirements.
Adding operational capability to position ourselves for commercialization
We have seen a significant increase in customer demand for the SteelCell(TM) technology over the past 6 months, particularly for high power applications. This increased demand for our existing SteelCell(TM) technology combined with the development of larger cells and stacks for new applications has led to the need for further investment in our manufacturing and test capability.
In the near term, additional demand is being met by increasing manufacturing capacity in Horsham through the addition of a 3(rd) shift pattern along with bringing through improvements to key process steps. Beyond this, we are beginning to explore a number of options for further manufacturing scale-up.
Financial progress
As highlighted above, the multiple customer programmes won in the past 12 months are driving our revenues forward. Compared to the same period last year, we have tripled revenue and other operating income to GBP1.5 million. We expect this uplift to continue into the full year, where we aim to at least double our revenue and other operating income. It is encouraging that this is being achieved across a growing portfolio of customer programmes.
Our equity free cash outflow of GBP4.2 million in the period was less than the prior period (GBP5.4m), mostly due to the Group receiving its R&D tax credit of GBP2.2m in full (prior period received GBP0.8m, part of the R&D tax credit, in the period). Even though we are investing in people and in making the technology more suitable for customers that require a higher power output, as we highlighted in last year's annual report, we expect both our operating loss and our equity free cash outflow for the full year to decrease from the prior year.
We were very pleased with our GBP20m fundraise in the period, especially given the uncertain economic conditions in the last 6 months. At 31 December 2016, the Group had cash and cash equivalents of over GBP22 million and this financial strength, at a key stage for the Company as we negotiate long term partnerships with a number of the world's leading companies, gives us the runway to further embed our SteelCell(TM) in customer development and 'go-to-market' programmes.
Outlook
Our vision is to embed our cutting-edge SteelCell(TM) technology into world-leading products within the Home, Business, Data Centre and Electric Vehicle markets.
The leadership team committed itself to signing five global engineering companies as customers in joint development agreements by the end of 2017 and being in two launch programmes with OEM partners by the end of 2018. With four joint development agreements and one launch programme already signed, Ceres Power is ahead of its stated schedule. We expect to secure further commercial partners in due course and to make further progress with our existing partners.
We anticipate that the commercial progress we are making will further drive revenues in the second half of FY 2016/17 and into FY 2017/18.
Ceres Power has a committed, experienced team and we would like to offer our thanks for their continued efforts which we believe will translate into even greater commercial progress over the next 12 months.
Philip Caldwell
Chief Executive Officer
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 31 December 2016
Six months Year ended ended 31 December 30 June 2016 Six months ended 31 December 2016 (Unaudited) 2015 (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Revenue 1,026 235 1,113 Cost of sales (406) (123) (336) Gross profit 620 112 777 Other operating income 525 218 555 Operating costs 2 (7,387) (6,565) (14,026) Operating loss (6,242) (6,235) (12,694) Finance income 30 49 77 Loss before taxation (6,212) (6,186) (12,617) Taxation credit 1,044 698 2,157 Loss for the financial period / year and total comprehensive loss (5,168) (5,488) (10,460) ============= ============== =========== Losses per GBP0.01 ordinary share expressed in pence per share: Basic and diluted loss per share 3 (0.63)p (0.71)p (1.35)p
All activities relate to the Group's continuing operations and the loss for the financial year is fully attributable to the owners of the parent.
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2016
31 December 30 June 2015 (Unaudited) 2016 31 December 2016 (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 2,053 2,559 2,309 ------------------ Total non-current assets 2,053 2,559 2,309 Current assets Trade and other receivables 2,071 755 1,109 Derivative financial instrument 14 - 28 Current tax receivable 825 1,378 1,997 Short-term investments 6 16,000 7,000 1,000 Cash and cash equivalents 6 6,174 5,753 5,947 ------------------ ------------------ ------------ Total current assets 25,084 14,886 10,081 Liabilities Current liabilities Trade and other payables (2,217) (2,663) (2,121) Derivative financial instrument (110) - (7) Provisions for other liabilities and charges - (77) (78) ------------------ ------------------ ------------ Total current liabilities (2,327) (2,740) (2,206) ------------------ ------------------ ------------ Net current assets 22,757 12,146 7,875 Non-current liabilities Accruals and deferred income - (58) (31) Provisions for other liabilities and charges (806) (865) (866) ------------------ ------------------ ------------ Total non-current liabilities (806) (923) (897) ------------------ Net assets 24,004 13,782 9,287 ================== ================== ============ Equity Share capital 4 10,080 7,725 7,779 Share premium account 107,222 90,120 90,120 Capital redemption reserve 3,449 3,449 3,449 Other reserve 7,463 7,463 7,463 Accumulated losses (104,210) (94,975) (99,524) Total equity 24,004 13,782 9,287 ================== ================== ============
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 December 2016
Year ended 30 June 2016 Six months Six months ended ended 31 December 31 December 2016 2015 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash used in operations 5 (6,082) (5,310) (11,773) Taxation received 2,216 839 1,679 ------------- ------------- ----------- Net cash used in operating activities (3,866) (4,471) (10,094) ------------- ------------- ----------- Cash flows from investing activities Purchase of property, plant and equipment (333) (1,013) (1,302) Movement in short-term investments (15,000) (1,000) 5,000 Finance income received 30 49 77 ------------- ------------- ----------- Net cash (used in) / generated from investing activities (15,303) (1,964) 3,775 ------------- ------------- ----------- Cash flows from financing activities Proceeds from issuance of ordinary shares 20,038 - 54 Net expenses from of issuance of ordinary shares (635) - - ------------- ------------- ----------- Net cash generated from financing activities 19,403 - 54 Net increase / (decrease) in cash and cash equivalents 234 (6,435) (6,265) Exchange (losses) / gains on cash and cash equivalents (7) 4 28 ------------- ------------- ----------- 227 (6,431) (6,237) Cash and cash equivalents at beginning of period 5,947 12,184 12,184 ------------- ------------- ----------- Cash and cash equivalents at end of period 6,174 5,753 5,947 ------------- ------------- -----------
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2016
Share Capital Share premium redemption Other Accumulated capital account reserve reserve losses Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 July 2015 7,725 90,120 3,449 7,463 (90,076) 18,681 Comprehensive income Loss for the financial year - - - - (5,488) (5,488) --------- --------- ------------- --------- ------------ -------- Total comprehensive loss - - - - (5,488) (5,488) --------- --------- ------------- --------- ------------ -------- Transactions with owners Issue of shares, net of costs - - - - - - Share-based payments charge - - - - 589 589 --------- --------- ------------- --------- ------------ -------- Total transactions with owners - - - - 589 589 --------- --------- ------------- --------- ------------ -------- At 31 December 2015 7,725 90,120 3,449 7,463 (94,975) 13,782 --------- --------- --------- ------------ -------- Comprehensive income Loss for the financial year - - - - (4,972) (4,972) Total comprehensive loss - - - - (4,972) (4,972) --------- --------- ------------- --------- ------------ -------- Transactions with owners Issue of shares, net of costs 54 - - - - 54 Share-based payments charge - - - - 423 423 Total transactions with owners 54 - - - 423 477 --------- --------- ------------- --------- ------------ -------- At 30 June 2016 7,779 90,120 3,449 7,463 (99,524) 9,287 --------- --------- ------------- --------- ------------ -------- Comprehensive income Loss for the financial year - - - - (5,168) (5,168) Total comprehensive loss - - - - (5,168) (5,168) Transactions with owners Issue of shares, net of costs 2,301 17,102 - - - 19,403 Share-based payments charge - - - - 482 482 Total transactions with owners 2,301 17,102 - - 482 19,885 --------- --------- ------------- --------- ------------ -------- At 31 December 2016 10,080 107,222 3,449 7,463 (104,210) 24,004 --------- --------- ------------- --------- ------------ --------
The accompanying notes are an integral part of these consolidated financial statements.
Notes to the financial statements for the six months ended 31 December 2016
1. Basis of preparation
This condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
The consolidated financial statements of the Group are prepared on a going concern basis, in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, the IFRS Interpretations Committee (IFRS-IC) interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared on a historical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instruments and financial instruments classified as fair value through the profit or loss.
The financial information contained in this interim announcement is unaudited and does not constitute statutory financial statements as defined by in Section 434 of the Companies Act 2006. The financial statements for the year ended 30 June 2016, on which the auditors gave an unqualified audit opinion, have been filed with the Registrar of Companies.
The accounting policies adopted are consistent with those of the financial statements for the year ended 30 June 2016, as described in those financial statements.
After having made appropriate enquiries and in light of the placing which raised GBP19.4 million net of expenses in October 2016, the Directors have a reasonable expectation that the Group and Company have adequate resources to progress their established strategy for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.
2. Operating costs
Operating costs are split as follows: Year ended 30 June 2016 Six months Six months ended ended 31 December 31 December 2016 (Unaudited) 2015 (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Research and development costs 5,434 4,905 10,588 Administrative expenses 2,059 1,660 3,714 ------------------ ------------------ ----------- 7,493 6,565 14,302 Reversal of provision relating to onerous lease and property dilapidations (106) - (276) ------------------ ------------------ ----------- 7,387 6,565 14,026 ================== ================== ===========
3. Loss per share
Six months ended Year ended 31 December 30 June 2016 (Unaudited) 2016 Six months ended 31 December 2015 (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Loss for the financial period attributable to shareholders (5,168) (5,488) (10,460) ================== ================== ============ Weighted average number of shares in issue 824,447,210 772,537,841 773,999,046 ================== ================== ============ Loss per GBP0.01 ordinary share (basic & diluted) (0.63)p (0.71)p (1.35)p ================== ================== ============
4. Share capital
Ceres Power Holdings plc has called-up share capital totalling 1,008,040,924 GBP0.01 ordinary shares as at 31 December 2016 (777,857,841 ordinary shares of GBP0.01 each at 30 June 2016).
During the period 228,603,083 ordinary shares of GBP0.01 each were issued through a placing on AIM for cash consideration of GBP20 million. In addition, 1,580,000 ordinary shares of GBP0.01 each were issued on the exercise of employee share options.
5. Cash used in operations
Year ended 30 June 2016 Six months Six months ended ended 31 December 31 December 2016 (Unaudited) 2015 (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Loss before taxation (6,212) (6,186) (12,617) Adjustments for: Other finance income (30) (49) (77) Depreciation of property, plant and equipment 589 534 1,178 Share-based payments 482 589 1,012 Net foreign exchange gains/(losses) 7 - (49) Operating cash flows before movements in working capital (5,164) (5,112) (10,553) (Increase)/decrease in trade and other receivables (948) 227 (134) Increase/(decrease) in trade and other payables 168 (112) (775) Decrease in provisions (138) (313) (311) ------------------ ------------------ ----------- Increase in working capital (918) (198) (1,220) Cash used in operations (6,082) (5,310) (11,773) ================== ================== ===========
6. Net cash, short-term investments and financial assets
Year ended Six months Six months ended ended 31 December 31 December 30 June 2016 2015 2016 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Cash at bank and in hand 3,716 1,577 805 Money market funds 2,458 4,176 5,142 ------------- Cash and cash equivalents 6,174 5,753 5,947 ------------- Short-term investments (bank deposits > 3 months) 16,000 7,000 1,000 ------------- ------------- ----------- Net cash and short term investments 22,174 12,753 6,947 ------------- ------------- -----------
The Group typically places surplus funds into pooled money market funds and bank deposits with durations of up to 12 months. The Group's treasury policy restricts investments in short-term sterling money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor's), Aaa/MR1+ (Moody's) and AAA V1+ (Fitch) and deposits with banks with minimum long-term rating of A/A-/A3 and short-term rating of F-1/A-2/P-2 for banks which the UK Government holds less than 10% ordinary equity.
INDEPENT REVIEW REPORT TO CERES POWER HOLDINGS PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly report for the six months ended 31 December 2016 which comprises Consolidated statement of profit and loss and other comprehensive income, Consolidated statement of financial position, Consolidated cash flow statement, Consolidated statements of changes in equity and the related explanatory notes. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules.
The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 31 December 2016 is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the AIM Rules.
James Ledward
for and on behalf of KPMG LLP
Chartered Accountants
1 Forest Gate,
Brighton Road, Crawley
RH11 9PT
8 March 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDXCBGBGRR
(END) Dow Jones Newswires
March 08, 2017 02:00 ET (07:00 GMT)
1 Year Ceres Power Chart |
1 Month Ceres Power Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions