Green hydrogen and fuel cell specialists Ceres Power The company raised its sales outlook for this year after signing a large manufacturing deal with an Asian original equipment manufacturer.
With this agreement, the new partners Ceres Patented Fuel Cell Technology In exchange for a license fee, Revenue The firm said it had recorded a “substantial” increase among London-listed companies.
Ceres expects full-year profits of between 50 million and 60 million pounds when it publishes its interim results in September.
Revenues for the first half of this year are expected to more than double to £27-29 million, compared with just £11.7 million in the first half of 2023.
Profit margins are also expected to rise significantly to 75-80% in the financial results to be announced in the autumn, from 62% in the same period last year.
Phil Caldwell Ceres The CEO said: “We have made significant commercial progress this year and are particularly excited about the advancements made in our highly efficient, differentiated SOEC electrolyser technology, which is now in use by some of the world's leading companies with the manufacturing, supply chain and balance sheet strength to bring this technology to market at scale.”
“This builds on Ceres' strategy of establishing partnerships with regions with strong manufacturing capabilities, as well as its ambitious goals for the use of hydrogen to decarbonize industry.”
Management and investors are hoping the guidance hike will be the shock therapy needed to revive the company's stock, which has fallen 88% since hitting an all-time high in February 2021 as the pandemic hit.
The decline continues this year That's despite full-year 2023 results suggesting the company had turned things around after two years of contract losses and hydrogen power struggling to meet the high expectations of optimistic investors and critics.
Caldwell added: “By licensing our best-in-class solid oxide technology, Ceres aims to establish clean energy technology as the industry standard and, through our partner network, deliver decarbonization at the scale and pace needed globally for the energy transition.”
From City AM
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