Business
Half-year Report
Half-year Report.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 1871G\n Ceres Power Holdings plc\n 16 March 2020\n \n \n \n \n 16 March 2020\n \n \n Ceres Power Holdings plc\n \n \n Half-yearly results for the six months ended 31 December 2019\n \n \n strategic partnerships continue to deliver commercial GROWTH\n \n \n Ceres Power Holdings plc (\"Ceres Power\", \"Ceres\", the \"Company\" or the \"Group\") (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, announces its half-yearly results for the six months ended 31 December 2019. \n \n \n \n \n \n \n \n \n Financial Highlights\n \n \n · \n Revenue and other income up 33.6% to £11.0m (H1 2018: £8.3m), reflecting strong progress on major contracts\n \n \n · \n Strong gross margin of 67% consistent with the asset-light licencing business\n \n \n · \n Continued investment in the business to grow future value, while reducing operating loss to £2.8m (H1 2018: £3.0m) \n \n \n · \n Further equity injection of £49m from Bosch and Weichai post period end adds to strong cash and short-term investments of £64.6m at 31 December 2019 \n \n \n Operating Highlights\n \n \n · \n New system licence and joint development agreement signed with Doosan worth £8.0m over two years \n \n \n · \n Completed joint development with Weichai of first prototype 30kW range extender system for electric buses targeting the Chinese market\n \n \n · \n Bosch commenced initial low-volume pilot production of fuel cell systems in Germany\n \n \n · \n First product launch of the SteelCell®with Japan's Miura Co. in a combined heat & power (\"CHP\") system for commercial use\n \n \n · \n Developed Ceres' first zero-emission combined heat & power (\"CHP\") system designed for exclusive use with hydrogen fuel\n \n \n · \n New UK manufacturing facility built and commissioned which will ramp up to 2MW annual capacity this year with the intent to upscale to 3MW in due course\n \n \n \n \n \n \n \n \n Current Trading and Outlook\n \n \n \n \n \n · \n Expect similar revenue growth to continue for the full year with strong order book* of £22m and pipeline* of £50m as at 31 December 2019 \n \n \n · \n We are exploring partnerships with system engineering companies to access new customers and applications \n \n \n · \n Bosch has increased its stake in Ceres to c.18%, generating gross proceeds of £38m ...