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CWR Ceres Power Holdings Plc

142.40
-1.20 (-0.84%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -1.20 -0.84% 142.40 141.20 141.70 146.10 139.60 145.50 413,167 16:35:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electric & Other Serv Comb 22.13M -45.12M -0.2339 -6.06 273.4M

Ceres Power Holdings plc Trading Update (8658E)

09/07/2019 9:31am

UK Regulatory


Ceres Power (LSE:CWR)
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From Mar 2019 to Mar 2024

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TIDMCWR

RNS Number : 8658E

Ceres Power Holdings plc

09 July 2019

9 July 2019

Ceres Power Holdings Plc

Trading Update

FULL YEAR PERFORMANCE TO EXCEED FORECASTS:

STRONG COMMERCIAL PERFORMANCE DRIVING REVENUE GROWTH

Ceres Power Holdings Plc (AIM: CWR, "Ceres"), is pleased to provide a post period end trading update ahead of the announcement of audited results for the year ended 30 June 2019. As a result of continued strong commercial activity, the Group anticipates that audited results for the full year will be ahead of market expectations.

Financial Update

-- Revenue and other operating income for the year ended 30 June 2019 to be approximately GBP16.5 million (c.135% growth from GBP7m in 2018), an increase from previous expectations of c. GBP15 million, driven by continued strong progress across existing contracts with our commercial partners

   --    Cash and short-term investments were greater than GBP71 million at 30 June 2019 

-- Operating loss and cash outflows from operating activities reduced significantly from prior year due to high margin license revenue.

Key Commercial Highlights of the year

-- Bosch Collaboration and License Agreement (with initial value to Ceres to 2020 of c.GBP20m) and equity investment of c.GBP9m

-- Weichai Power completed a total equity investment in Ceres of GBP48m and additional License and JV Agreements with staged technology transfer payments worth c.GBP30m and a Joint Development Agreement of GBP9m

-- First product launch: Miura Co. Ltd, Japan's largest industrial boiler company, to use Ceres SteelCell(R) in fuel cell CHP product launch for use in commercial premises in Japan

-- Continued investment in growing the business including a new GBP8m manufacturing facility in Redhill, UK as a reference plant both to serve our growing customer needs and also to act as blueprint model for licensee manufacturing partners

In line with the strong order book from our commercial partners, we expect revenue growth to continue into FY20.

Phil Caldwell, CEO said:

"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. 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."

Full year results will be announced in early October.

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

 
Ceres Power Holdings plc              Tel: +44 (0)1403 273 
 Phil Caldwell / Richard Preston       463 
 
  Investec Bank PLC (NOMAD & Joint      Tel: +44 (0)207 597 
  Broker)                               5970 
  Jeremy Ellis / Patrick Robb 
 
  Berenberg (Joint Broker)             Tel: +44 (0) 203 207 
  Ben Wright / Mark Whitmore           7800 
 
  Powerscourt                          Tel: +44 (0) 20 7250 
  Peter Ogden / James White            1446 
 
 
 

About Ceres Power

Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell(R) technology generates power from widely available fuels such as natural gas and future fuels such as Hydrogen at high efficiency. The SteelCell(R) is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, combined with the opportunity to supply the SteelCell(R) in volume through manufacturing partners.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

TSTLFFIIDDITIIA

(END) Dow Jones Newswires

July 09, 2019 04:31 ET (08:31 GMT)

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