Ceres Power has 'record year' in FY24
By Iain Gilbert
Date: Wednesday 29 Jan 2025
(Sharecast News) - Clean energy technology firm Ceres Power said on Wednesday that it had a "record year" in 2024, with strong commercial, strategic and technological momentum.
Ceres Power said it had delivered record order intake in FY24, greater than £110.0m due to the signing of two new manufacturing partners and an electrolyser system partner.
The London-listed firm also stated revenues will be at the upper end of previous guidance, between £55.0m-60.0m, an increase of approximately 150% compared to 2023.
FY gross margins were expected to be between 78-80%, while cash and short-term investments were approximately £102.0m in FY24, down from £140.0m in FY23 but in line with expectations.
Ceres added that business restructuring and cost optimisation completed in the autumn would reduce the annualised cost base by approximately 15% going forward.
Chief executive Phil Caldwell said: "2024 was an exciting year for Ceres as we accelerated our commercial delivery with two new major manufacturing licensees and continue to establish Ceres as the industry standard through the adoption of our technology globally.
"As our technology becomes deployed at scale, we are positioned to drive decarbonisation across a number of sectors globally. With a strong cash position and commercial momentum, Ceres is well positioned for the years ahead."
As of 0910 GMT, Ceres shares were up 4.15% at 145.50p.
Reporting by Iain Gilbert at Sharecast.com
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