Disapointing trading update
Yesterday evening, Ceres Power released a trading update indicating FY 2023 revenue should be in the GBP20-21m range (vs consensus at GBP33m). This announcement materialises risks mentioned in July and September, with YoY growth significantly dependent on the closing of new license agreements givenCeres Power Holdings is a fuel cell technology and engineering company. Co. is working with partners to embed its SteelCell™ technology in mass-market energy products for the commercial, residential and transportation markets. SteelCell™ is Co.'s Solid Oxide Fuel Cell. SteelCell™ is a perforated sheet of steel with special screen-printed ceramic layers that electrochemically convert a variety of fuels directly into power. The principal activity of Co.'s subsidiary, Ceres Power Ltd is the commercialisation and continued development of Co.'s fuel cell technology.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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