Business
Final results
Final results.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n CWR.L\n \n \n 24 March 2023\n \n \n \n Ceres Power Holdings plc\n \n \n \n \n \n \n \n \n \n Final results for the year ended 31 December 2022\n \n \n \n \n 2022 investments lay strong foundations for future growth\n \n \n \n \n \n \n \n \n \n Horsham, UK:\n \n Ceres Power Holdings plc (\"Ceres\", the \"Company\") (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, announces its results for the year ended 31 December 2022.\n \n \n \n \n \n \n Financial highlights\n \n \n \n ·\n Revenue of £22.1 million (2021: £30.8 million) in line with previous guidance\n \n \n ·\n Gross profit of £13.1 million (2021: £19.0 million), maintaining sector-leading gross margin at 59% (2021: 62%)\n \n \n ·\n Investment in the future1 increased by 67% to £58.4 million (2021: £34.9 million), in line with strategy to expand into electrolysis for green hydrogen and deliver the next generation of fuel cell technology\n \n \n ·\n Strong\n cash and short-term investments position of £182.3 million (2021: £249.6 million)\n \n \n \n \n \n \n Strategic highlights\n \n \n \n ·\n First 100kW solid oxide electrolyser (\"SOEC\") module is on test ahead of scaling into a 1MW demonstrator. Initial results are positive and give confidence that this technology can deliver green hydrogen at <40kWh/kg, around 25% more efficiently than incumbent lower temperature technologies \n \n \n ·\n SOEC technology evaluation programme progressing well with Shell for deployment later this year in India\n \n \n ·\n Ceres' fuel cell and electrolysis test facility, developed with Horiba Mira at its site in the UK, is now open and supporting technology and system development \n \n \n ·\n Continued expansion of Ceres' highly skilled workforce to 570 employees (2021: 489)\n with significant investment in commercial resource in global locations w\n ith strong momentum and policy support for hydrogen and fuel cells\n \n \n \n \n \n \n \n \n Current trading and outlook\n \n \n \n ·\n Agreements signed for a collaboration on electrolysis with Bosch and Linde Engineering to validate Ceres' technology, as a highly efficient pathway to low-cost green hydrogen. Builds on Bosch's expertise in solid oxide fuel cells (\"SOFC\") and Linde Engineering's\n capabilities in industrial process engineeri...