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
Ends
The person responsible for arranging release of this
information on behalf of the Company is Stuart Paynter, Chief
Financial Officer.
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Ceres Power Holdings plc
Patrick Yau/Merryl Black
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Tel: +44(0)7884 654 179
Email: investors@cerespower.com
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MHP Group (PR Advisor)
Reg Hoare
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Tel: +44 (0)7831 406117
Email: ceres@mhpgroup.com
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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.
