Business
Preliminary Results
Preliminary Results.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3414P Ceres Power Holdings plc 01 October 2013 \n\n \n1 October 2013\n \n \nCeres Power Holdings plc\n \nPreliminary results for the year ended 30 June 2013\n \nCeres Power Holdings plc (\"Ceres\", \"Ceres Power\" or \"the Group\") announces its preliminary results for the year ended 30 June 2013.\n \n \nHighlights:\n \nDuring the reporting period:\n \n· Restructured the business to reduce recurring operating costs by 44% to £10.2 million\n· Implemented new business strategy of working with global consumer durable product manufacturers or 'Original Equipment Manufacturers' (\"OEMs\") with strong balance sheets\n· Successful targeting of OEM relationships in Japan and South Korea \n· New Board and Leadership Team appointed\n· Substantial progress made with the robustness of Ceres unique low cost fuel cell technology\n· Increase in Fuel Cell Module (\"FCM\") gross efficiency to > 50%\n· Intellectual property portfolio further extended at cell, stack and FCM levels\n· £15.4 million in net cash and short term cash investments as at 30 June 2013\n \nAfter period end:\n \n· New CEO appointed, Philip Caldwell, commenced employment on 2 September 2013\n· Commercial Agreement signed with Korea's largest boiler manufacturer, KD Navien, in landmark deal in support of new strategy\n· Commercial traction in Japan with a number of global OEMs in technology validation and test activities \n· Collaboration Agreement signed with the University of Connecticut to showcase Ceres' technology and facilitate access to US OEMs and the Department of Energy programs to drive product development in the US\n \n\n\n \n \nFinancial Highlights:\n\n\n\n\n\n\n\nYear Ended 30 June 2013\n\n\nYear Ended 30 June 2012\n\n\n\n\n\n\n\n\n£'000\n\n\n\n\n£'000\n\n\n\n\n\nRevenue\n\n\n523\n\n\n226\n\n\n\n\n \nRecurring operating costs\n\n\n(10,197)\n\n\n(18,093)\n\n\n\n\n \nOperating loss\n\n\n \n(12,741)\n\n\n \n(18,072)\n\n\n\n\n \nLoss for the financial period\n\n\n(...