Ceres Power Holdings - Notice of results and revised trading update

Ceres Power Holdings

11/03/2025 07:28

RNS Number : 1636A

Ceres Power Holdings plc

11 March 2025

 

CWR.L

 

11 March 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART OF THE UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.

 

Ceres Power Holdings plc

("Ceres," the "Company")

 

 

Notice of results and revised trading update

 

Horsham, UK: Ceres Power Holdings plc (CWR.L) a leading developer of clean energy technology, will announce its results for the year ended 31 December 2024 on 21 March 2025. The Company also provides a further post period-end trading update.

 

At its interims on 27 September 2024, the Company guided to full year revenues in the range of £50-60 million. This guidance range was refined to £55-60 million with a gross margin of 78-80% when the Company reported its trading update for the year to 31 December 2024 on 29 January 2025.

 

As we finalise the audit, there is some uncertainty over whether a single £5 million contracted milestone payment should be recognised in 2024 or whether it is more appropriate to recognise it in 2025. This recognition date does not impact the total revenue recognised under the contract or the cash position of the company. To remove any uncertainty, and whilst the Company is working to clarify the correct accounting treatment under IFRS 15, Ceres is reverting to the original revenue guidance of £50-60 million and confirms that its gross margin will be over 75% for the year.

 

The management team will be hosting a live webcast for analysts and investors on 21 March 2025 at 09.30 GMT. To register your interest in participating, please go to:

https://sparklive.lseg.com/CeresPowerHoldingsCrawley/events/2090b911-c4ab-43ca-846a-02a55cd1f1b8/2024-full-year-results

 

 

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The person responsible for arranging release of this information on behalf of the Company is Stuart Paynter, Chief Financial Officer.

 

Ceres Power Holdings plc
Patrick Yau/Merryl Black
Tel: +44(0)7884 654 179
Email:investors@cerespower.com
MHP Group (PR Advisor)
Reg Hoare
Tel: +44 (0)7831 406117
Email: ceres@mhpgroup.com

About Ceres

Ceres is a leading developer of clean energy technology: electrolysis for the production of green hydrogen and fuel cells for power generation. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest companies, such as Doosan, Delta, Denso, Shell, Weichai and Thermax. Ceres' solid oxide technology supports greater electrification of our energy systems and produces green hydrogen at high efficiencies as a route to decarbonise emissions-intensive industries such as steelmaking, ammonia and future fuels. Ceres is listed on the London Stock Exchange ("LSE") (LSE: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy. Read more on our website www.ceres.tech or follow us on LinkedIn.

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