LONDON (ShareCast) - (Sharecast News) - Ceres Power on Wednesday reported a narrowed annual loss after more than doubling its revenue on the back of significant license deals.
The fuel cell specialist booked a loss before taxes of £7.4m for the year ended 30 June, compared to £11.9m of red ink during the year before, as revenue leapt by 142% to £15.3m.

Commercial deals from the company's license deals with Bosch, Weichai Power, Miura and Doosan drove revenues higher.

Ceres said it expected licence fees to continue to represent a high proportion of its revenues over time, adding that a higher proportion of license activity delivered gross margins of 74%, substantially ahead of the company's target of maintaining them above 50%.

The company recently provided fuel cells for a newly unveiled combined heat and power system made by boiler manufacturer Miura, with the product set to launch in Japan later this year.

The AIM traded company said it had an order book of £28.4m with a pipeline worth more than £50m.

Phil Caldwell, chief executive of Ceres, said: "Global awareness of the role that fuel cells can play in tackling climate change and improving air quality is growing rapidly. The talent of our team and the quality of our customer partnerships give us increased confidence in the future prospects of Ceres and its long-term value to shareholders."

Analysts from Berenberg said Ceres remains a compelling opportunity due to its huge market opportunity, leading technology, attractive ESG credentials, improving financial performance and roughly £70m net cash balance sheet.

Ceres Power shares were up 2.31% at 212.80p at 1027 BST.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE