(Alliance News) - Ceres Power Holdings PLC on Wednesday said it expects results to come in slightly ahead of expectations.
Ceres said it will report its results for the 18 months to the end of 2020 on March 18.
The AIM-listed fuel cell technology company said revenue and other operating income for the 18-month period to the end of 2020 will be between GBP32 million to GBP33 million, above market expectations.
Ceres said that, despite the challenges of the pandemic, it has continued to deliver revenue growth and to meet customer commitments, securing new strategic partnerships.
The order book and pipeline were GBP54 million and GBP44 million respectively at December 31, compared to GBP22 million and GBP50 million at the end of 2019.
Going forward, Ceres said the significant progress made in 2020 provides a solid foundation for 2021 and, with partners aiming to scale up manufacturing, providing visibility to future high margin revenue and further validation of the Ceres licensing business model.
In addition, Ceres said it will continue to invest in its core technology to maintain its leadership position and expand into new applications such as electrolysis for hydrogen and future fuels with the purpose of providing clean energy technology that can address climate change globally.
Ceres shares were trading 3.6% lower in London on Wednesday at 1,433.98 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Ceres Power (CWR)