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02 Oct 2019 | 08:28

Ceres Power narrows losses as revenue more than doubles

Fuel cell technology company Ceres Power narrowed losses as annual revenue more than doubled as higher-margin license activity boosted margins. For the year ended 30 June, the company reported a pre-tax loss of £7.4m, compared with a loss of £11.9m a year earlier as revenue and other operating income surged 133% to £16.4m. ‘2019 was a milestone year for Ceres, which saw us double revenue for the fourth year running through significant license deals and secure our first commercial product launch in Japan later this year, while also approaching first production at our new UK reference manufacturing facility,’ the company said. Higher margin license activity delivering an improved gross margin of 75%, as the company won license agreements with four of the world's largest engineering and power companies. ‘Bosch and Weichai have chosen not only to partner with us but have invested in significant equity stakes, aligning them to the future success of our business and ensuring that Ceres is well-capitalised to deliver against its strategy,’ it added. The company reported a ‘strong’ order book of £28.4m and a pipeline worth more than £50m.

At 8:28am: (LON:CWR) Ceres Power Holdings PLC share price was +3.5p at 211.5p

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