Ceres Power revenue surges on record order intake
reported a 132% increase in revenue to £51.9m for the year ended 31 December on Friday, supported by record order intake of £112.8m following new partnerships in Asia.
The London-listed firm said gross profit rose to £40.2m, with gross margins expanding to 77% from 61% a year earlier.
It said it signed manufacturing licence agreements during the year with Delta Electronics in Taiwan and Denso in Japan, alongside a system development partnership with Thermax in India.
All three were progressing towards commercialisation, with Delta targeting data centre and hydrogen markets, Denso completing its initial technology transfer, and Thermax advancing system development for industrial decarbonisation.
Separately, Doosan in South Korea was preparing to launch production of Ceres' fuel cell stacks in 2025.
Ceres said it ended the year with £102.5m in cash and short-term investments, down from £140m in 2023, while reducing its annual cash outflow to £37.5m.
The company said it remained focused on disciplined cash management and expected revenue in 2025 to be broadly in line with last year.
Ceres added that the recent termination of a collaboration with Bosch in February was expected to have a limited financial impact in the low single-digit millions of euros.
The company said it was continuing to implement cost savings through a restructured and optimised cost base, adding that it would provide further guidance in its July trading update.
"2024 was a record year for Ceres, as our teams continued to deliver best in class technology and global partnerships during a period of significant change in the energy markets and a challenging economic environment," said chief executive officer Phil Caldwell.
"We now have three major global manufacturing partners establishing factories to produce Ceres-based products.
"For 2025, we are focusing on building our partner portfolio and delivering technology milestones, whilst looking forward to Doosan commencing production in the second half of the year."
At 0813 GMT, shares in Ceres Power Holdings were up 1.49% at 72.62p.
Reporting by Josh White for Sharecast.com.
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