Ceres Power underlying losses narrow on 'strong' H1 revenue growth

27th Sep 2024 09:47

(Sharecast News) - Fuel cell technology group Ceres Power said on Friday that it had delivered "strong growth" in revenue and order intake in the six months ended 30 June, along with a "significant reduction" in cash outflows.

Ceres Power said revenues had skyrocketed 144% to £28.5m, while gross profits surged 217% to £22.9m, and gross margins improved from 62% to 80%. Adjusted losses were significantly reduced, dropping from £23.5m in H123 to £9.0m a year later.

The London-listed group also said it had seen record order intake from signing new contracts of £46.9m in H1, growing to £103.3m since the start of the year to 31 August.

Ceres also highlighted its "significantly reduced" cash outflow of £13.9m, dropping from £21.0m and driving "robust cash" and short-term investments of £126.1m.

Looking forward, Ceres reconfirmed its upgraded revenue guidance for the year of £50.0m to £60.0m, based on contracts secured to date.

As of 0945 BST, Ceres shares had rallied 14.89% at 230.0p.

Reporting by Iain Gilbert at Sharecast.com