Fuel cell technology developer Ceres Power (LON: CWR) has a record order intake and it has reached £103.3m by the end of August. The interim loss more than halved and the cost base is being reduced by 15%. The share price rose 15.4% to 231.1p.
In the six months to June 2024, revenues jumped 144% to £28.5m, while the loss declined from £25.2m to £10.8m.
The cash outflow was reduced from £21.1m to £13.9m. There was £126.1m in cash and investments at the end of June 2024.
Bosch and Doosan are building up their manufacturing capacity. The manufacturing licence agreement with Denso Corporation in Japan and systems licence partnership with Thermax came after the end of the period.
Stuart Paynter is taking over from Eric Lakin as finance director. He will implement the cost savings.
Ceres Power has guidance for full year revenues of £50m-£60m. This is underpinned by contracts that have been won by the former AIM-quoted company. Even after the reductions in overheads, Ceres Power is likely to remain loss-making for the next couple of years at least.