Ceres Power revenues rise as it continues to develop
Ceres Power Holdings posted its final results for the year to 30 June on Tuesday, with total revenue and other operating income rising to £1.67m from £0.95m a year earlier.
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The AIM-traded firm’s revenue rose to £1.11m, from £0.32m, while other operating income declined to £0.56m from £0.62m.
Its operating loss widened to £12.69m, compared to £11.72m in the year to 30 June 2015, with equity free cash flow being an outflow of £11.29m, more than the £9.08m reported last year.
At period end, Ceres Power had net cash and short-term investments of £6.95m, just over a third of the £18.18m it had at the start of the year.
“I'm delighted with our progress this year, having secured three new partnerships with world-leading customers operating in high growth markets,” said CEO Phil Caldwell.
“This puts Ceres Power in an excellent position for commercial growth in the year ahead as we develop these relationships further and add new partners for our SteelCell technology.”
Chairman Alan Aubrey noted the company’s successful raising of £20m equity funding in October.
“We are looking forward to another year of significant commercial progress as we continue to establish Ceres Power as a leading player in the clean energy sector,” Aubrey added.