The price of shares in AIM-listed fuel cell specialist Ceres Power Holdings (LON:CWR) fell by 1.33% to 544.68p (as of 15:00 BST) despite the firm reporting a 21% increase in revenues for the 12 months ended 30th June. Adjusted EBITDA fell for the period due to increased investment in developing electrolysis for hydrogen.
CEO Phil Caldwell commented: “Despite the disruption from Covid we have delivered a solid set of results, with continued revenue growth and sector leading margins. This is driven by good progress with our customer programmes and increased manufacturing output thanks to the hard work of the entire Ceres team.
“Trading since the period end has remained strong with good commercial progress with our partners globally. Bosch has now installed prototype products of its 10kW system utilising Ceres’ technology at five locations in Germany while, despite an initial delay in the early part of 2020 due to the pandemic, good progress is now being made to validate Ceres’ technology for transportation applications with Weichai’s SOFC team in China.
“These developments, combined with the opportunities from our new, long term growth areas of electrolysis for hydrogen, mean that Ceres is very well positioned to build on the strong momentum generated during the period as we look to play our part in delivering clean energy technology to enable a net zero future“.