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09 Jul 2019 | 09:13

Ceres Power expects performance to top market expectations

Ceres Power said it expected full-year results to top market expectations as its partnerships with Weichai Power and Bosch bolstered revenues. For the 12 months ended 30 June, revenue and other operating income were expected to rise by about 135% to £16.5m from a year earlier, driven by 'continued' strong progress across existing contracts with its commercial partners. The company signed a collaboration and license agreement with Bosch, representing an initial value to Ceres to 2020 of about £20m and equity investment of about £9m. Weichai Power, meanwhile, completed a total equity investment in Ceres of £48m and additional License and JV agreements with staged technology transfer payments worth about £30m and a Joint Development Agreement of £9m. Operating losses and cash outflows from operating activities were reduced significantly from the prior year due to high margin license revenue, the company added. '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,' the company said.

At 9:13am: (LON:CWR) Ceres Power Holdings PLC share price was +4p at 173p

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