UK's Ceres Power tops smallcaps on upbeat revenue forecast

Ceres Power Holdings

29/01/2025 08:40

** Shares of clean energy technology developer Ceres Power
 CWR.L  up 13.8% at 159p
    ** Stock top gainer on FTSE smallcap index  .FTSC  which is
up 0.15%
    ** Co forecasts 2024 revenue at the upper end of guidance,
between 55 mln pounds ($68.46 mln) to 60 mln pounds
    ** Says business restructuring and cost optimisation
completed in autumn will reduce annualised cost base by ~15%
going forward
    ** "While FY25 guidance won't be available until March 21, 
we expect backlog of ~110 mln pounds by 2024-end, providing good
visibility for 2025," Jefferies analysts say
    ** Stock fell 6.5% in 2024

($1 = 0.8034 pounds)

 (Reporting by DhanushVignesh Babu in Bengaluru)
 ((DhanushVignesh.Babu@thomsonreuters.com;))