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Ceres Power losses narrow as revenues jump 140%

By BFN News | 07:14 AM | Wednesday 04 October, 2017

Ceres Power Holdings' revenue and other operating income rose by 140% to £4.1m in the year to the end of June, well ahead of expectations. Losses before interest, tax, depreciation and amortisation fell by 17% to £9.4m and the company held £17.2m in net cash and short-term investments, ahead of previous forecasts. The group also had a growing order book of £3.2m (2016: £1.7m) which it said positioned Ceres Power for continued commercial growth. Chief executive Phil Caldwell said: 'This has been our most successful year to date. We are ahead of expectations financially and are on track to meet our commercial objectives. 'Our ability to sign new commercial agreements and then generate revenues working alongside our partners has enabled us to accelerate the technical development of the SteelCell and explore new applications, giving Ceres Power's technology access to opportunities in our target markets including the Residential, Commercial, Data Centre and Electric Vehicles sectors. 'The global demand for low carbon, flexible, near zero emission technologies such as ours has never been stronger. 'Our strategy of developing partnerships with world-class companies, addressing multiple growth markets, means the business is well positioned to further capitalise on opportunities in the coming year and I look forward to being able to announce further commercial progress.' Story provided by

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