- Energy company Ceres Power reported narrower losses as revenue increased by a third, led by 'major' contracts wins in the first half of the year.

For the six months ended 31 December 2019, pre-tax losses narrowed to £2.78m from £2.81m on-year as revenue and other income rose 33.6% to £11.0m.

The company said its manufacturing facility in Redhill was also working through a number of 'early stage' production issues which it anticipated would be resolved shortly.

Looking ahead, the company said it expected similar revenue growth to continue for the full year with a 'strong' order book of £22m and pipeline of £50m as at 31 December 2019.

'We are monitoring the rapidly-moving developments around COVID-19. Our current guidance for the full year performance remains aligned with market expectations and we will continue to assess potential impacts on future trading,' it added.

At 9:33am: [LON:CWR] Ceres Power Holdings PLC share price was -34p at 307p

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