Business
Half Yearly Report
Half Yearly Report.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0838Q Ceres Power Holdings plc 25 February 2016 \n\n25 February 2016\nCeres Power Holdings plc\nInterim results for the six months ended 31 December 2015\nCeres Power Holdings plc (\"Ceres\", \"Ceres Power\", \"the Company\" or \"the Group\") (AIM: CWR.L) announces its interim results for the six months ended 31 December 2015.\nKey Highlights:\n· New Joint Development Agreement with Honda R&D signed following on from successful two year period of working together\n\n· First Evaluation Agreement signed for multi kW application with new Global OEM\n\n· High speed print line commissioned at Horsham showing reduction in key process step time by a factor of 10\n \n· Growing number of early stage customer technology evaluations with systems on test in South Korea and Japan\n \n· Formal release of latest V3 cell technology to customers with degradation enabling 7 year product life and more than 50% net electrical efficiency for residential applications\n\n· First proof of concept for multi kW system built demonstrating more than 55% net efficiency which enables new power-only market applications \n \n· Expansion of Commercial team with Tony Cochrane appointed as Chief Commercial Officer based in North America and opening of South Korean office\n \n\n\nKey Financial Results:\n\n\n\n\n\n\n\nSix months ended 31 December 2015 (unaudited)\n\n\nSix months ended 31 December 2014 (unaudited)\n\n\n\n\n\n\n\n\n£'000\n\n\n\n\n£'000\n\n\n\n\n\nTotal revenue and other operating income, comprising\n\n\n453\n\n\n427\n\n\n\n\nRevenue\n\n\n235\n\n\n133\n\n\n\n\nOther operating income\n\n\n218\n\n\n294\n\n\n\n\nOperating loss\n\n\n(6,235)\n\n\n(5,314)\n\n\n\n\nEquity free cash flow 1\n\n\n(5,431)\n\n\n(4,528)\n\n\n\n\nCash and short term investments \n\n\n12,753\n\n\n22,735\n\n\n\n\n \nPhil Caldwell, CEO, commented:\n\"The Honda agreement is the first of several key commercial partnerships we expect to sign in 2016 against our stated aim of securing five leading OEMs within the next two years. We expect further commercial partners for new applications and markets based on the recent improvements in efficiency and power density of the St...