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(Alliance News) - Ceres Power Holdings PLC on Thursday posted a widened loss as revenue fell.
Shares were 14% lower at 409.00 pence each in London on Thursday morning.
Ceres Power is a Horsham, West Sussex-based solid oxide fuel cell developer.
Pretax loss in the six months to June 30 widened to GBP24.2 million from GBP7.7 million a year prior. Revenue fell to GBP9.7 million from GBP17.1 million.
Operating costs jumped by 52% to GBP30.7 million from GBP20.2 million a year ago.
Looking ahead, the company said it could play an important role in the transition to cleaner energy, citing the US's Inflation Reduction Act passed in summer, which includes USD369 billion funding over 10 years for the transition.
The company posted a dim outlook for the short-term but a bright outlook for the medium term. It expects 2022 revenue to be lower than 2021 and second-half revenue to be similar to the first half. For The first half of 2023, it expects revenue to be "significantly higher" than in the first half of 2022, as it aims to establish China-focused joint venture entities in early 2023, after signing them which it expects to happen in the fourth quarter of 2022.
"Energy security and the transition to cleaner energy have never been so important to the way we live. Ceres' role as a leading developer of clean energy technology, enabling companies to decarbonise at scale and pace, means we are well-positioned to play our part," stated Chief Executive Officer Phil Caldwell.
By Tom Budszus; tombudszus@alliancenews.com
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