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Ceres Power losses widen as risings costs weigh

By BFN News | 09:36 AM | Tuesday 09 October, 2018

Ceres Power said Tuesday pre-tax losses widened modestly as rising costs weighed on margins even as revenues doubled. For the year ended 30 June 2018, pre-tax losses widened to £11.94m from £11.52m and revenue doubled to £6.33m from £3.12m. The uptick in revenue growth was attributed to a stronger order book owing to increased demand for technologies that can enable a post-combustion future, but rising costs kept a lid on performance. The Bosch and Weichai Power strategic partnerships generated a major increase in order book from £3m to £30m, the company said. '2018 is a landmark year for Ceres. We have seen a big step change in order book and strong revenue growth as demand accelerates for technologies that can enable a post-combustion future, said Phil Caldwell, CEO. 'In the last five months alone we have announced equity investments and new agreements with both Weichai in China and Bosch in Germany adding to our existing relationships in Japan and the US. We are proud our unique British SteelCell technology is setting the standard for solid oxide fuel cell technology around the world.' At 9:36am: (LON:CWR) Ceres Power Holdings PLC share price was +3.01p at 198p Story provided by

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