Ceres Power records 'significant' FY growth

(Sharecast News) - Fuel cell technology group Ceres Power said on Thursday that it had recorded "significant growth" across all areas of the business in the twelve months ended 30 June.
Ceres expects revenue and other operating income for the trading year to come in at roughly £20m - a 20-25% increase year-on-year.

In terms of operational progress, Bosch commenced manufacturing of Ceres' cell technology at its pilot facility in Germany, while the company's partnership with Weichai was said to be making "good progress" - although coronavirus-related delays were likely to impact the timeline for the formation of the duo's joint-venture.

Looking forward, the AIM-listed group said it expects to ink new customer partnerships in the second half of the new trading year thanks to continued strong demand and highlighted that it felt the company was "well placed" to benefit from the strategic role of clean technologies in economic recovery.

Chief executive Phil Caldwell said: "If anything, the current pandemic has only intensified the urgency for climate action and I believe Ceres has a no-regrets fuel cell technology for power generation that is highly complementary to today's energy infrastructure, is hydrogen ready for the future, and can form a critical building block in achieving a net-zero carbon future."

As of 0950 BST, Ceres shares were up 2.23% at 608.25p.