Fuel cells developer Ceres Power (LON: CWR) slipped out a profit warning at 6pm on Thursday. More delays with licence agreements mean that 2023 revenues will be much lower than expected.
Management says that 2023 revenues are likely to fall from £22m to £20m-£21m. Consensus revenues were previously £31m. Back in January 2023 revenues of £50m were anticipated by Peel Hunt.
The expectations were reduced at the time of the interims when Ceres Power admitted that China joint ventures with Bosch and Weichai would not be concluded this year because of the requirement for regulatory clearance. Management warned that the outcome depended on securing new licences.
The share price has already halved this year. At the close the share price was 187.8p and it is likely to be much lower when trading begins on Friday.
On 29 June, Ceres Power switched from AIM to the Main Market. The closing share price on AIM was 304.6p.
