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Highlights:
Revenue and Profit Growth: Ceres reported a 144% increase in revenue and a 217% rise in gross profits for H1 2024.
Order Intake Surge: Record order intake of £46.9 million in H1 boosted total intake to £103.3 million by 31 August.
Reduced Cash Outflow: Cash outflows fell to £13.9 million, strengthening Ceres’ financial position with £126.1 million in cash reserves.
Ceres Power (LSE:CWR) reported robust first-half performance for the six months ending 30 June, marked by a significant revenue surge and improved profitability. The fuel cell technology company achieved a 144% increase in revenue to £28.5 million, alongside a 217% rise in gross profits to £22.9 million, resulting in a strengthened gross margin of 80%, up from 62% in the same period last year.
The London-listed firm also announced a considerable reduction in adjusted losses, which dropped to £9.0 million from £23.5 million in H1 2023. This positive trend was underpinned by record-breaking order intake, with new contracts contributing £46.9 million in H1, and total order intake reaching £103.3 million by 31 August. Ceres attributed this growth to successful partnerships and expansion into new markets, enhancing its positioning in the fuel cell and clean energy sectors.
Additionally, Ceres highlighted a notable improvement in cash management, reducing cash outflows to £13.9 million from £21.0 million in the same period last year. As a result, the company reported a healthy cash position with £126.1 million in cash and short-term investments, providing a solid financial foundation for continued expansion and operational development.
Ceres reconfirmed its revenue guidance for the year, targeting a range of £50.0 million to £60.0 million based on secured contracts, reflecting its confidence in sustained business momentum. The group’s focus remains on scaling up its technology and pursuing further commercialisation opportunities to support its growth trajectory.
The positive update was well-received by the market, with Ceres shares climbing 14.89% to 230.0p as of 0945 BST, reflecting investor optimism around its growth potential and strategic execution.
