pull back in sp, however, all's looking very good :-)2 Sep 2020 16:17
July trading update states results upcoming are likely to be....
The Group has recorded another period of significant growth across all areas of the business alongside continued commercial and operational progress.
Highlights
· Revenue and other operating income for the 12-month period to 30 June 2020 will be around £20 million, 20-25% more than the prior 12-month period
· Cash and short-term investments were approximately £108million at 30 June 2020
· Bosch has commenced manufacturing of Ceres' cell technology at its pilot facility in Germany and increased its shareholding in Ceres to c.18%, generating gross proceeds for the Company of £38 million
· Weichai relationship is making good progress and both parties remain committed to the joint venture in China, but Covid delays are likely to impact the timeline for JV formation. Weichai also invested a further £11 million, maintaining its 20% shareholding
· Now investing in higher power applications and further development in electrolysis on the back of the £49 million gross equity proceeds from the Bosch and Weichai subscriptions
· Commissioning of the new Redhill manufacturing site began in January. Despite a slower than anticipated ramp up, Ceres' team delivered record production levels in June
Outlook
· Expect to sign new customer partnerships in the second half of the year as commercial demand remains strong
· Ceres plans to invest around £5 million in the development of solid oxide electrolysis for hydrogen and potential synthetic fuels over the next 18 months
· Further investment in additional capacity at Redhill underway, ramping output up from 2MW to 3MW during 2021
· Ceres well placed to benefit from strategic role of clean technologies in economic recovery
he full onsite team returned in early May and cell manufacturing output is ramping up with a record number of cells and stacks being produced and shipped to customers in June.
Ceres has a strong balance sheet, with no debt and approximately £108 million of cash as at 30 June 2020
Hydrogen and Electrolysis
There has been increased interest in the role that innovative clean energy technologies can play in the post-Covid economic recovery, and the opportunities for Ceres' technology to support the decarbonisation of the energy system remain substantial