Ceres Power reports wider loss but strengthens balance sheet

Ceres Power Holdings has reported a wider loss after a drop in revenue and a rise in operating costs.

The AIM company released its full-year results to 30 June on Wednesday.

It showed a wider loss before tax of £11.6m from £8.5m as revenue dropped from £1.2m to £0.3m and operating costs rose by over £2m to £12.4m.

But the company did strengthen the balance sheet with £6m of new short-term investments and an increase of nearly £4.5m in cash and cash equivalents

The results come despite a positive year operationally with a joint development agreement with a global Japanese power system company and the successful deployment of its technology in Japan and South Korea.

Chief executive Phil Caldwell said they’ve proved the ability of the company’s Steel Cell technology.

“We continue to focus on securing further agreements with key commercial partners and I expect to announce progress on this in the near future."

At 10:55 BST shares in Ceres had dipped 0.64p (7.36%) to 7.99p.