26 sep 25   ceres power holdings - interim results ceres power holdings plc | cwr | 141 0 0.0% | mkt cap: 273.0m    rns number : 9122a ceres power holdings plc 26 september 2025   cwr.l 26 september 2025   the information contained within this announcement is deemed to constitute inside information as stipulated under the retained eu law version of the market abuse regulation (eu) no. 596/2014 ("uk mar") which is part of uk law by virtue of the european union (withdrawal) act 2018. the information is disclosed in accordance with the company's obligations under article 17 of uk mar. upon the publication of this announcement, this inside information is now considered to be in the public domain.   ceres power holdings plc   interim results for the six months ended 30 june 2025   ceres power holdings plc ("ceres", the "company") (cwr.l), a leading developer of clean energy technology, announces its results for the six-month period ended 30 june 2025.   financial highlights ·      strong balance sheet with cash and short-term investments of £104.1 million (december 2024: £102.5 million), following positive cash inflow of £1.6 million (h1 2024: outflow of £13.9 million) received in the period as a result of disciplined working capital management ·      revenue decreased 26% to £21.1 million (h1 2024: £28.5 million), in line with management expectations following significant one-off licence revenue as part of the delta agreement in 2024 ·      gross profit decreased 27% to £16.6 million (h1 2024: £22.9 million), reflecting lower revenues in the period ·      gross margin of 79% (h1 2024: 80%) ·      operating costs (before exceptional costs) decreased by 6% to £35.6 million (h1 2024: £37.9 million) following the cost base rationalisation announced in 2024 and continued financial discipline ·      adjusted ebitda loss increased to £11.3 million (h1 2024: £9.0 million)   commercial highlights year to date ·      doosan factory starts cell and stack production: in july 2025 doosan became the first ceres partner to enter mass production of products using ceres solid oxide fuel cell (sofc) technology. exciting growth applications include ai-driven data centre power, energy grid stabilisation, power systems for buildings and auxiliary power for marine. the royalty revenue streams due to ceres will follow doosan's first commercial sales ·      shell megawatt-scale electrolyser goes live: first hydrogen production at shell's technology centre in bangalore demonstrating an industry-leading electrolyser module efficiency of 37kwh/kg of hydrogen ·      delta acquires land and factory facilities: delta has committed approximately nt$6.95 billion (c. £170 million) on assets for the large-scale manufacturing of hydrogen energy solutions, including on ceres' solid oxide technology, for ai-driven data centre power, microgrid and other energy infrastructure applications ·      thermax and denso relationships: thermax has inaugurated its hydrogenx hub in pune, india to evaluate and demonstrate green hydrogen technologies and soec systems. denso is also making good progress, passing technology transfer key milestones ·      business transformation: ceres is announcing a business transformation programme to recognise its transition from a r&d focussed to a commercially led organisation.   outlook ·      the board now believes that the most probable revenue outturn for the year ending 31 december 2025 will be around £32 million. the company is in later stage negotiation regarding a new manufacturing licence agreement but recognises that completion and timing of revenue recognition are uncertain. if successful, any revenue recognised in the current year would be in addition to the above guidance.   phil caldwell, chief executive officer of ceres, said: "we are seeing an unprecedented change in the market with an acute need for power to service the demand of ai-data centres and increased electrification of society which represents a major market opportunity for the business. the emergence of this market has coincided with doosan's start of mass manufacture of ceres-based products and marks a key inflection point as we transition from being an r&d-led organisation to a commercially focused business.   we have to adapt to the changing market opportunities and we are implementing a business transformation programme to ensure we are in the best shape to drive the next exciting phase of the company's growth. with a single product approach, a sharper commercial and operational focus and the establishment of mass manufacturing, i am confident that we can both meet the needs of today's rapidly growing power market while also positioning the business for the future hydrogen market which we believe will follow over the coming years."   ends   financial summary 30 june 2025 30 june 2024   £'000 £'000   total revenue, comprising: 21,093 28,500   provision of technology hardware 6,579 3,209   engineering services and licences 14,514 25,291         gross profit 16,622 22,887   gross margin % 79% 80%         adjusted ebitda loss1 (11,311) (9,042)   operating loss (before exceptional costs) (17,217) (13,757)       net cash generated/(used) in operating activities 952 (13,220)   net cash and investments 104,067 126,092       1. adjusted ebitda loss is an alternative performance measure, as defined and reconciled to operating loss at the end of this report.       analyst presentation ceres power holdings plc will be hosting a live webcast for analysts and investors on 26 september 2025 at 09.30 bst. to register your interest in participating, please go to: https://www.investormeetcompany.com/ceres-power-holdings-plc/register-investor   for further information visit www.ceres.tech or contact: ceres power holdings plc patrick yau/merryl black tel: +44 (0)7884 654 179 email: investors@cerespower.com mhp group (pr adviser) reg hoare/james mcfarlane/matthew taylor tel: +44 (0) 7827 662831 email: ceres@mhpgroup.com about ceres ceres is a leading developer of clean energy technology: fuel cells for power generation and electrolysers to produce green hydrogen. 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 electrofuels. 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 at www.ceres.tech or follow us on linkedin.     chief executive's statement introduction ceres has now crossed over from being an r&d company to one that is firmly in a commercial production phase as first doosan initiated manufacturing of our sofc technology in south korea at the end of july 2025 and then delta announced plans for the building of its manufacturing facility for products using ceres technology in taiwan. over the past year power and hydrogen markets have experienced opposing trends as we have experienced significant changes in both the energy and the political landscapes. we have seen a marked increase in near term demand for fuel cells for power solutions in contrast to challenges in the demand and rate of deployment for hydrogen projects in some parts of the world. there is now growing demand for clean power that can be deployed rapidly and our licensees' first products are targeting this power market which is being driven by increased demand from ai data centres and electrification. the hydrogen market continues to be a significant opportunity for both ceres technology and our licensees but we believe this will follow the power market, benefiting from the maturity and scale achieved by our partners. this shift towards commercialisation was underlined at the end of last year when several r&d projects concluded, enabling us to reduce operating costs and accelerate our commercial activities. ceres sales teams are now present on the ground in key territories such as china, asia pacific, india and the us, supported by new marketing initiatives and programmes.   business transformation both ceres and the markets we serve are entering transformational phases. the massive global investment in ai-related data centre infrastructure is emerging as one of the most significant trends in the world economy, with the resulting pressure on power resources coming sharply into focus. in response the demand for fuel cell power systems is projected to accelerate rapidly to fulfil the expanding data centre sector's need for power to support the growth of this industry. whilst, the hydrogen opportunity also remains significant, we believe this market will follow later. therefore, in the near-term ceres will focus on servicing the growing fuel cell power market. this strategic approach will be underpinned by a solid technology roadmap to deliver continuous generational improvements to maintain our technology leadership position. for ceres, 2025 is set to be a landmark year with the commercial launch of our technology through the doosan partnership, delta's investment in a facility in taiwan and product development of our dual purpose (power & electrolysis), latest generation stack platform which will be launched next year. these milestones mean that ceres is firmly stepping into the full commercial phase of our business and technology. to drive and support this, we are initiating a 12-month business transformation programme that will prepare the company for the next phase of growth. specifically, by the end of 2026, we will have: ·      restructured and realigned the business to the market opportunity, embedding new ways of working ·      commercially launched our best in class, dual purpose stack platform serving both power and hydrogen markets ·      supported existing partners on their manufacturing journey to join doosan in launching products using ceres technology ·      established commercial opportunities to attract new manufacturing partners wishing to adopt our industry leading solid oxide technology ·      reduced our operating costs showing continued financial discipline phase one of the business transformation programme, which ceres aims to complete by the end of 2025, is an operational restructuring and realignment of resources. as a result, going into 2026 the company expects operating expenses to be reduced by around 20% compared to the year ending 31 december 2025.   market landscape and opportunities ceres achievements should be seen in the context of a market landscape that has evolved rapidly over the past year. demand for power continues to grow strongly, driven by the needs of industrial electrification, the rise of ai-driven data centres, energy grid reinforcement and ongoing electrification. by 2030, there is projected to be a 150 gw capacity requirement for data centres globally, potentially accounting for up to 4,500 twh of electricity consumption by 2050 (rising from 5% to 9% of total electricity consumption)[1]. power applications in the data centre industry present distinct near-term opportunities for ceres solid oxide technology given its many advantages over conventional power generation. the rapid rise of ai-driven data centres has catalysed demand for new power solutions that offer rapid time-to-power deployment, 24/7 reliability and high efficiency. with wait times for grid connections or delivery of power units such as gas turbines now exceeding five years, the data centre industry is seeking alternative power systems, including solid oxide fuel cells. in addition to the data centre market, other attractive power applications continue to mature. these include, distributed power through microgrids, combined heat, power and cooling applications for buildings and auxiliary power systems for marine vessels. some regions are also introducing favourable tax incentives for the adoption of fuel cells, such as the 30% investment tax credit under section 48e of the usa's one big beautiful bill. similar incentives have been established in south korea (the green new deal aims to achieve fuel cell deployment of 15 gw by 2040, supported by tax and other incentives); and japan (green transformation policies supporting the establishment of a hydrogen economy, including the development of stationary fuel cell power stations). lead times for electrolyser final investment decisions for hydrogen projects remain a challenge for the industry, exacerbated by macro-economic headwinds. unlocking these opportunities will take time and resource, but we remain confident that the long-term imperative to decarbonise industrial processes will continue to drive the market and that this will open up the opportunity for the electrolysis industry to adopt more advanced technologies such as solid oxide over incumbent technologies. ceres solid oxide technology offers superior operating efficiency and cost benefits with our electrolyser systems delivering an operating efficiency improvement of around 30%, compared to pem or alkaline systems. our cells are primarily built from steel, an abundant, low-cost and recyclable material, further reducing raw material costs for our manufacturing partners. finally, our use of the ultra-thin ceramic layers within the cell minimizes material usage and reliance on expensive critical minerals used in other electrolyser technologies which may become harder to source as businesses look to localise supply chains due to import tariffs.   delivering commercial progress across the business ceres ended 2024 with record annual revenue and order intake following twelve months of significant commercial progress, culminating in two new manufacturing licence wins and a systems licence partnership. as each licence deal was secured ceres teams started the process of technology transfer, with respective partners spending time at ceres facilities. much of this work was completed in 2024 with the focus switching during the first half of 2025 to supporting partner factory design and development as well as the establishment of local supply chains for raw materials. in parallel with onboarding new partners such as delta, denso, and thermax, ceres teams continued to work with existing partners to advance their factory plans. in february 2025, bosch announced a strategic decision to realign its operations and investments in stationary fuel cell power technologies. the stationary hydrogen-to-power markets in europe had not developed as bosch expected, leading it to discontinue its development of solid oxide fuel cells and terminate its relationship with ceres. while this was disappointing our portfolio approach to partnerships and licence geographies has reduced the financial impact, as other partners continued to progress towards commercial launch while demand for these applications has only increased.   doosan reaches a major milestone one of our key fuel cell manufacturing partners, doosan, announced in july 2025 that it had formally started production of stacks and fuel cell power systems based on ceres technology at its state-of-the-art 50mw factory in south korea. this marked a significant milestone for both companies, with the world's first commercial-scale production factory using ceres' solid oxide technology coming on-stream. this paves the way for the anticipated royalty payments from doosan, validating the ceres approach to ip protection and its licensing model. doosan will supply solid oxide power systems initially in south korea, with a primary focus on stationary distributed power applications. this includes uses in ai-driven data centres, the stabilisation of renewables-based power grids and microgrids through peak power production, power systems for buildings and auxiliary power solutions for the marine shipping markets.   delta building momentum taiwanese partner delta electronics has been building momentum in solid oxide technologies at pace. within a year of signing a manufacturing licence agreement with ceres in january 2024, delta inaugurated taiwan's first megawatt-grade r&d research centre for electrolysis and fuel cells in december 2024. the delta net zero science lab, located at the company's tainan plant 2, provides a broad testing environment for validating solid oxide hydrogen production and fuel cell technologies. ceres's sofc technology has already been applied in delta's microgrid pilot projects, integrating renewable energy, energy storage, and power management systems to establish low-carbon, high-efficiency distributed energy grids. in july 2025, delta announced the purchase of 112,000 square meters of land and factory facilities in taoyuan city, taiwan, for approximately nt$6.95 billion (c.£170 million). the facility is expected to focus on large-scale manufacturing of hydrogen energy solutions including ceres' solid oxide technology for data centre power, microgrid and other energy infrastructure applications. delta is a leader in specialised power systems for the ai-driven data centre market, offering a range of products including power supply and control systems and cooling solutions.   progress in electrolysis ceres has also made important progress on the electrolysis side of its business. the company's first megawatt-scale soec demonstrator system, located at shell's technology centre in bangalore, india, started to produce hydrogen in may 2025. this marks a key milestone in the industrial maturity of ceres' solid oxide electrolyser technology, supported by shell's installation, integration and safety assurance expertise. the collaboration will now run for a five-year operational phase with the potential to produce hydrogen at 600 kg per day at full capacity with an industry-leading electrolyser module efficiency of 37kwh/kg of hydrogen. ceres and shell continue to collaborate on pressurised solid oxide modules that can scale from 1mw to 10mw capacity. this is anticipated to lead to the development of modular designs that could be further scaled to hundreds of megawatts for integration into industrial plants. denso, which was announced as a manufacturing partner in august 2024, completed the technology transfer process and passed through key milestones, enabling it to understand the fundamentals of our technology. it is now making progress and developing this knowledge into the preparation for its factory design process, with ceres teams supporting as required. systems partner thermax has also been moving ahead in its relationship with ceres, having established its hydrogenx hub in pune, india. this is an incubation centre for the evaluation and development of green hydrogen technologies and solutions for hydrogen production, storage and applications. the increased commercial and partner progress has further improved ceres' standing in the global energy transition movement. in june 2025 ceres became a member of the hydrogen council, an influential ceo-led organisation of leading energy, transport and industrial companies working to position hydrogen as a key solution to the challenges of energy transition. the council plays a critical role in uniting stakeholders across the hydrogen value chain around the world, fostering collaboration between industry, investors and government.   financial review revenue for the six-month period ended 30 june 2025 was £21.1 million, compared to £28.5 million in the same period of 2024. the prior period included significant one-off licence revenue following the signing of the delta agreement. in h1 2025, one-off revenue was recognised following the successful commissioning of the demonstrator operated by shell in bangalore. in addition, revenue from existing partners, delta and denso, continued as the group supported ongoing development activities. gross profit of £16.6 million in the period (h1 2024: £22.9 million) decreased when compared to the prior year due to the impact of significant one-off licence revenue which has no associated cost of sales in h1 2024. gross margins remain high at 79% (h1 2024: 80%), which illustrates the company's asset-light, licensing business model. overall operating costs before exceptional costs decreased in h1 2025 to £35.6 million (h1 2024: £37.9 million) reflecting maintained investment in core technology to drive future growth balanced with disciplined financial management. exceptional operating costs relate to an impairment of the investment in the associate, rfc power limited, and a settlement agreement, more detail is found in note 23. as these costs arise from events outside the ordinary course of business, they have been presented separately within the statement of profit or loss to provide clarity on the group's underlying operating performance. research and development (r&d) costs totalled £25.6 million, up from £23.3 million in the comparative period. although higher than 2024, underlying cash investment remains in line with expectations. the increase in the reported h1 2025 figure is mainly due to accounting effects, including a full half-year of amortisation and lower capitalisation of development costs following peak activity in 2023.  adjusted ebitda loss for h1 2025 increased to £11.3 million (h1 2024: £9.0 million). adjusted ebitda is a non-statutory measure and is detailed in the alternative performance measures section in this review. the movement from 2024 is primarily due to the high margin revenue recognised in 2024 as explained above. capital expenditure in the half decreased to £2.1 million (h1 2024: £2.8 million) largely as a result of significant investment in our testing capability.  capitalised development costs reduced to £nil compared to £1.3 million in the prior year period. we have assessed our internal development activities and concluded that incremental redesigns do not meet the criteria for capitalisation. technical feasibility is typically confirmed only after detailed design and formal approval, at product integration. given the high level of uncertainty and risk throughout, we expense these costs as incurred. ceres recognised a cash inflow in the period (change in cash, cash equivalents and short-term investments) of £1.6 million (h1 2024: outflow of £13.9 million). this was driven by significant customer receipts and an r&d tax credit due on 31 december 2024 was received in january 2025. ceres therefore ends the period in a strong position with £104.1 million in cash, cash equivalents and short-term investments (h1 2024: £126.1 million, 31 december 2024: £102.5 million). this will support future investment as the company drives revenue growth, maintains discipline over costs and expenditure and tracks towards profit and cashflow break‑even.   principal risks and uncertainties the directors have reviewed the principal risks and uncertainties that could have a material impact on the group's performance and have concluded that there have been no changes from those described in the ceres annual report 2024. a summary of the group's principal risks can be found at the end of this report.   outlook: building commercial traction the progress we have achieved with our partners has improved our business balance, with near-term power opportunities becoming more evident and long-term industrial decarbonisation prospects likely to bear fruit for our electrolysis business over the longer term. currently, our primary focus is on securing new licence agreements in the commercial power markets to meet the energy demands of ai-driven data centres. the company will realign its resources to support a greater commercial focus through its new business transformation plan. we are continuing to position ourselves as key players in the electrolysis markets, building relationships with technology manufacturers, systems integrators and green hydrogen off-takers. with two exciting market opportunities now in front of us, addressing power first and hydrogen following, and benefiting from a mature and scalable single product approach, we are confident that we have the strategy to establish our technology as the industry standard for solid oxide.     phil caldwell chief executive officer         responsibility statement the directors confirm that to the best of their knowledge: ·    the condensed set of financial statements has been prepared in accordance with uk adopted ias 34 'interim financial reporting'; and ·    the interim management report includes a fair review of the information required by dtr 4.2.7 (indication of important events and their impact, and a description of principal risks and uncertainties for the remaining six months of the financial year) and dtr 4.2.8 (disclosure of related parties' transactions and changes therein). the full list of current directors can be found on the ceres website at https://www.ceres.tech.        consolidated statement of profit and loss and other comprehensive income for the six months ended 30 june 2025    30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  note £'000 £'000 £'000         revenue 2 21,093 28,500 51,891 cost of sales  (4,471) (5,613) (11,727) gross profit   16,622 22,887 40,164 other operating income1  1,739 1,262 2,846 operating costs 3 (35,578) (37,906) (74,327) operating loss before exceptional costs  (17,217) (13,757) (31,317) exceptional operating costs 23 (1,440) ꟷ ꟷ operating loss   (18,657) (13,757) (31,317) impairment of investment in associate 23 (2,158) ꟷ ꟷ finance income 4 2,168 3,193 5,807 finance expense 4 (330) (248) (362) loss before taxation  (18,977) (10,812) (25,872) taxation charge 5 (667) (1,800) (2,433) loss for the financial period and total comprehensive loss  (19,644) (12,612) (28,305)         loss per £0.10 ordinary share expressed in pence per share:   basic and diluted loss per share 6 (10.14)p (6.53)p (14.64)p           the accompanying notes are an integral part of these consolidated financial statements. 1 other operating income relates to grant income and the group's rdec tax credit.      consolidated statement of financial position as at 30 june 2025     30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  note £'000 £'000 £'000 assets     non-current assets     property, plant and equipment 7 20,575 24,819 23,584 right-of-use assets 8 2,450 2,139 1,834 intangible assets 9 18,268 19,892 19,974 investment in associate  ꟷ 2,236 2,218 other receivables 11 741 741 741 total non-current assets  42,034 49,827 48,351         current assets     inventories 10 2,674 5,583 2,756 contract assets 2 3,392 2,861 8,208 other current assets 12 1,501 1,331 1,430 derivative financial instruments 16 ꟷ 60 8 current tax receivable  1,260 770 ꟷ trade and other receivables 11 7,479 11,128 17,885 short-term investments 13 47,426 62,649 54,971 cash and cash equivalents 13 56,641 63,443 47,494 total current assets  120,373 147,825 132,752         liabilities     current liabilities     trade and other payables 14 (3,673) (7,518) (3,538) contract liabilities 2 (13,469) (7,017) (10,682) other current liabilities 15 (4,214) (6,774) (6,825) derivative financial instruments 16 (87) ꟷ ꟷ lease liabilities 17 (813) (756) (731) provisions 18 (165) (749) (441) total current liabilities  (22,421) (22,814) (22,217) net current assets  97,952 125,011 110,535         non-current liabilities     lease liabilities 17 (1,991) (1,851) (1,492) other non-current liabilities 15 (1,077) (1,221) (1,221) provisions 18 (2,358) (2,467) (2,340) total non-current liabilities  (5,426) (5,539) (5,053) net assets  134,560 169,299 153,833        equity attributable to the owners of the parent     share capital 19 19,381 19,343 19,370 share premium  406,650 406,514 406,650 capital redemption reserve  3,449 3,449 3,449 merger reserve  7,463 7,463 7,463 accumulated losses  (302,383) (267,470) (283,099) total equity  134,560 169,299 153,833          the accompanying notes are an integral part of these consolidated financial statements.       consolidated cash flow statement for the six month period ended 30 june 2025   note 30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)    £'000 £'000 £'000 cash flows from operating activities         loss before taxation   (18,977) (10,812) (25,872)       adjustments for:      finance income 4 (2,168) (3,193) (5,807) finance expense 4 165 248 362 depreciation of property, plant and equipment 7 3,880 3,784 7,472 depreciation of right-of-use assets 8 365 358 710 amortisation of intangible assets 9 1,786 470 1,374 impairment of the investment in associate 23 2,218 ꟷ ꟷ net foreign exchange loss  62 223 79 net change in fair value of financial instruments  95 (151) (99) share-based payments charge  360 900 964 operating cash flows before movements in working capital   (12,214) (8,173) (20,817) decrease/(increase) in trade and other receivables  9,668 (1,275) (8,757) decrease/(increase) in inventories  82 (2,758) 69 (decrease)/increase in trade and other payables  (2,620) 2,276 (1,809) decrease/(increase) in contract assets  4,816 (1,286) (6,633) increase/(decrease) in contract liabilities  2,787 (452) 3,213 (decrease)/increase in provisions  (307) 248 (188) net cash generated/(used) in operations   2,212 (11,420) (34,922) taxation paid  (1,260) (1,800) (1,019) net cash generated/(used) in operating activities   952 (13,220) (35,941)         investing activities     purchase of property, plant and equipment  (870) (2,383) (4,449) capitalised development expenditure  (80) (1,308) (2,294) decrease in short-term investments  7,346 25,220 32,537 finance income received  2,367 5,573 8,469 net cash generated in investing activities   8,763 27,102 34,263         financing activities     proceeds from issuance of ordinary shares 19 11 376 539 repayment of lease liabilities 17 (400) (346) (774) interest paid 17 (116) (129) (243) net cash used by financing activities   (505) (99) (478)           net increase/(decrease) in cash and cash equivalents   9,210 13,783 (2,156) exchange losses on cash and cash equivalents  (63) (47) (57) cash and cash equivalents at beginning of period  47,494 49,707 49,707 cash and cash equivalents at end of period 13 56,641 63,443 47,494        the accompanying notes are an integral part of these consolidated financial statements.      consolidated statement of changes in equity for the six month period ended 30 june 2025     share capital share premium capital redemption reserve merger reserve accumulated losses total   £'000 £'000 £'000 £'000 £'000 £'000 at 1 january 2024  19,297 406,184 3,449 7,463 (255,758) 180,635               comprehensive income        loss for the financial period  ꟷ ꟷ ꟷ ꟷ (12,612) (12,612) total comprehensive loss  ꟷ ꟷ ꟷ ꟷ (12,612) (12,612)         transactions with owners        issue of shares, net of costs  46 330 ꟷ ꟷ ꟷ 376 share-based payments charge  ꟷ ꟷ ꟷ ꟷ 900 900 total transactions with owners  46 330 ꟷ ꟷ 900 1,276 at 30 june 2024 (unaudited)  19,343 406,514 3,449 7,463 (267,470) 169,299         comprehensive income        loss for the financial period  ꟷ ꟷ ꟷ ꟷ (15,693) (15,693) total comprehensive loss  ꟷ ꟷ ꟷ ꟷ (15,693) (15,693)               transactions with owners        issue of shares, net of costs  27 136 ꟷ ꟷ ꟷ 163 share-based payments charge  ꟷ ꟷ ꟷ ꟷ 64 64 total transactions with owners  27 136 ꟷ ꟷ 64 227 at 31 december 2024 (audited)   19,370 406,650 3,449 7,463 (283,099) 153,833               comprehensive income         loss for the financial period  ꟷ ꟷ ꟷ ꟷ (19,644) (19,644) total comprehensive loss  ꟷ ꟷ ꟷ ꟷ (19,644) (19,644)               transactions with owners              issue of shares, net of costs  11 ꟷ ꟷ ꟷ ꟷ 11 share-based payments charge  ꟷ ꟷ ꟷ ꟷ 360 360 total transactions with owners   11 ꟷ ꟷ ꟷ 360 371 at 30 june 2025 (unaudited)  19,381 406,650 3,449 7,463 (302,383) 134,560                 the accompanying notes are an integral part of these consolidated financial statements.   1.     basis of preparation the unaudited condensed consolidated financial statements have been prepared in accordance with uk-adopted international accounting standard 34 'interim financial reporting' (ias 34) and applicable law and regulations. they do not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements for the year ended 31 december 2024 which were prepared in accordance with uk adopted international accounting standards. the condensed consolidated financial statements have been prepared on a historical cost basis except derivative financial instruments, which are stated at their fair value. the accounting policies and methods of computation applied in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those applied in the group's most recent audited annual financial statements. there have been no changes in presentation or accounting policies during the interim period. the financial information contained in the condensed consolidated financial statements is unaudited and does not constitute statutory financial statements as defined in section 434 of the companies act 2006. the financial statements for the year ended 31 december 2024, on which the auditors gave an unqualified audit opinion, and did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498(2) or 498(3) of the companies act 2006, have been filed with the registrar of companies. the condensed consolidated financial information for the six months ended 30 june 2025 has been reviewed by the company's auditor, bdo llp in accordance with international standard of review engagements (uk) 2410, review of interim financial information performed by the independent auditor of the entity. going concern the group has reported a loss after tax for the six-month period ended 30 june 2025 of £19.6 million (six months ended 30 june 2024: £12.6 million) and net cash generated in operating activities of £1.0 million (six months ended 30 june 2024: net cash used of £13.2 million). at 30 june 2025, the group held cash and cash equivalents and investments of £104.1 million (31 december 2024: £102.5 million). the directors have prepared annual budgets and cash flow projections that extend to 31 december 2026, 15 months from the date of approval of this report. during the period the group recognised a net operating cash receipt due to the timing of significant trade receivables and a rdec receivable, outstanding at 31 december 2024, being settled in january 2025. future projections include management's expectations of the disciplined investment in key r&d projects, new product development and capital investment. future cash inflows reflect management's expectations of revenue from existing and new licensee partners in both the power and green hydrogen markets. the projections were stress tested by applying different scenarios including removing expected cash inflows relating to agreements not yet signed leading to a loss of significant future revenue and potential further cost mitigations. in each case the projections demonstrated that the group is expected to have sufficient cash reserves to meet its liabilities as they fall due and to continue as a going concern. for the above reasons, the directors continue to adopt the going concern basis in preparing the condensed consolidated financial statements. critical accounting judgements and key sources of estimation uncertainty in the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. in preparing the interim condensed consolidated financial statements, the areas where judgement has been exercised and the key estimation uncertainties were the same as those applied to the consolidated financial statements for the year ended 31 december 2024.   new standards and amendments applicable for the reporting period none of the standards and interpretations which apply for the first time to financial reporting periods commencing on or after 1 january 2025 materially impact the group.   2. revenue the group's revenue is disaggregated by geographical market, major product/service lines, and timing of revenue recognition: geographical market   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)   £'000 £'000 £'000 europe 2,817 5,423 8,689 asia 18,237 22,979 43,064 north america 39 98 138   21,093 28,500 51,891   for the six month period ended 30 june 2025, the group has identified four major customers (defined as customers that individually contributed more than 10% of the group's total revenue) that accounted for approximately 42%, 26%, 14% and 12% of the group's total revenue recognised in the period (30 june 2024: three customer at 67%, 15% and 11% and 31 december 2024: three major customers that accounted for approximately 44%, 26% and 13% of the group's total revenue recognised for that year).     major product/service lines   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)   £'000 £'000 £'000 provision of technology hardware 6,579 3,209 6,938 engineering services and licences 14,514 25,291 44,953   21,093 28,500 51,891   timing of transfer of goods and services   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 products and services transferred at a point in time 11,185 19,756 33,030 products and services transferred over time 9,908 8,744 18,861  21,093 28,500 51,891   the contract-related assets and liabilities are as follows:     30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)    £'000 £'000 £'000 trade receivables 11 1,670 4,424 9,872 contract assets - accrued income  3,392 2,861 7,333 contract assets - deferred contract costs  ꟷ ꟷ 875 total contract related assets   5,062 7,285 18,080       contract liabilities - deferred income   (13,469) (7,017) (10,682)   3. operating costs   operating costs can be analysed as follows: 30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 research and development costs 25,577 23,255 48,531 administrative expenses 6,909 9,138 18,014 commercial (sales and marketing) 3,092 5,513 7,782  35,578 37,906 74,327   4. finance income and expenses   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 interest income on cash, cash equivalents and investments 2,168 3,193 5,807     interest on lease liability (116) (127) (243) unwinding of discount on provisions (49) (40) (40) unwinding of financing component of customer contracts (165) ꟷ ꟷ foreign exchange loss on cash, cash equivalents and short-term deposits ꟷ (81) (79) interest expense (330) (248) (362)   5. taxation no corporation tax liability has arisen during the period (30 june 2024 and 31 december 2024: £nil) due to the losses incurred. a tax charge has arisen as a result of foreign withholding taxes suffered. the rdec regime continues to be accessible and has been recognised within other operating income.   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 foreign tax suffered 667 1,800 2,445 adjustment in respect of prior periods ꟷ ꟷ (12)  667 1,800 2,433   6. loss per share   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 loss for the financial period attributable to shareholders (19,644) (12,612) (28,305) weighted average number of shares in issue 193,767,896 193,052,759 193,321,401 loss per £0.10 ordinary share (basic and diluted) (10.14)p (6.53)p (14.64)p   7. property, plant and equipment   leasehold improvements £'000 plant and machinery £'000   computer equipment £'000   fixtures and fittings £'000 assets under construction £'000     total £'000 cost             at 1 january 2024 8,813 31,317 2,042 391 6,429 48,992 additions 554 2,786 29 ꟷ 1,805 5,174 transfers 32 2,357 ꟷ ꟷ (2,389) ꟷ disposal (267) (640) (321) (15) ꟷ (1,243) at 31 december 2024 (audited) 9,132 35,820 1,750 376 5,845 52,923        additions 1,270 190 ꟷ ꟷ 682 2,142 transfers ꟷ 1,184 ꟷ ꟷ (1,184) ꟷ disposals (2,468) (1,236) (232) (9) ꟷ (3,945) at 30 june 2025 (unaudited) 7,934 35,958 1,518 367 5,343 51,120        accumulated depreciation       at 1 january 2024 3,844 17,273 1,725 268 ꟷ 23,110 charge for the year 1,564 5,635 224 49 ꟷ 7,472 depreciation on disposals (267) (640) (321) (15) ꟷ (1,243) at 31 december 2024 (audited) 5,141 22,268 1,628 302 ꟷ 29,339        charge for the period 739 3,068 50 23 ꟷ 3,880 depreciation on disposals (1,356) (1,077) (232) (9) ꟷ (2,674) at 30 june 2025 (unaudited) 4,524 24,259 1,446 316 ꟷ 30,545        net book value       at 30 june 2025 (unaudited) 3,410 11,699 72 51 5,343 20,575 at 31 december 2024 (audited) 3,991 13,552 122 74 5,845 23,584   'assets under construction' represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. the category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. as such, no depreciation is charged on assets under construction. assets under construction consist entirely of plant and machinery that will be used in the manufacturing, development and testing of fuel cells.   8. right of use assets   land and buildings computer equipment electric vehicles total  £'000 £'000 £'000 £'000 cost     at 1 january 2024 4,658 43 ꟷ 4,701 additions ꟷ ꟷ 290 290 disposal ꟷ ꟷ (38) (38) adjustment to contracted rent 145 ꟷ ꟷ 145 at 31 december 2024 (audited) 4,803 43 252 5,098           additions ꟷ ꟷ 46 46 adjustment to lease term 935 ꟷ ꟷ 935 at 30 june 2025 (unaudited) 5,738 43 298 6,079       accumulated depreciation      at 1 january 2024 2,522 38 ꟷ 2,560 charge for the year 648 5 57 710 disposal ꟷ ꟷ (6) (6) at 31 december 2024 (audited) 3,170 43 51 3,264           charge for the period 318 ꟷ 47 365 at 30 june 2025 (unaudited) 3,488 43 98 3,629      net book value         at 30 june 2025 (unaudited) 2,250 ꟷ 200 2,450 at 31 december 2024 (audited) 1,633 ꟷ 201 1,834   the adjustment to the lease term relates to an extension to a business premise lease. the corresponding liability has been recognised, see note 17.   9. intangible assets   internally developed intangibles  £'000 customer and internal development programmes £'000       perpetual software licences £'000 patent costs £'000   total £'000 cost      at 1 january 2024 411 20,190 525 1,209 22,335 additions ꟷ 2,010 ꟷ 284 2,294 at 31 december 2024 (audited) 411 22,200 525 1,493 24,629       additions ꟷ ꟷ 80 ꟷ 80 at 30 june 2025 (unaudited) 411 22,200 605 1,493 24,709       accumulated amortisation      at 1 january 2024 328 2,514 285 154 3,281 charge for the year 83 1,019 124 148 1,374 at 31 december 2024 (audited) 411 3,533 409 302 4,655       charge for the period ꟷ 1,543 27 216 1,786 at 30 june 2025 (unaudited) 411 5,076 436 518 6,441       net book value      at 30 june 2025 (unaudited) ꟷ 17,124 169 975 18,268 at 31 december 2024 (audited) ꟷ 18,667 116 1,191 19,974   the customer and internal development intangible primarily relates to the design, development and configuration of the company's core fuel cell and system technology. amortisation of capitalised development commences once the development is complete and is available for use.   10. inventories   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 raw materials 1,364 2,429 1,621 work in progress 504 1,394 759 finished goods 806 1,760 376 total inventory 2,674 5,583 2,756   during the period a provision of £826,000 (2024: £nil) has been recognised against inventories that have failed initial quality tests.   11. trade and other receivables   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited) current: £'000 £'000 £'000 trade receivables 1,670 4,424 9,872 vat receivable 812 1,395 1,120 rdec receivable 4,820 5,269 6,790 other receivables 177 40 103  7,479 11,128 17,885 non-current:    other receivables 741 741 741   12. other current assets   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)   £'000 £'000 £'000 prepayments 1,501 1,331 1,430          13. net cash and cash equivalents, short-term and long-term investments   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 cash at bank and in hand 7,488 15,354 10,338 money market funds 49,153 48,089 37,156 cash and cash equivalents 56,641 63,443 47,494     short-term investments 47,426 62,649 54,971 cash and cash equivalents and investments 104,067 126,092 102,465   the group typically places surplus funds into pooled money market funds with same day access and bank deposits with durations of up to 24 months. the group's treasury policy restricts investments in short-term sterling money market funds to those which carry short-term credit ratings of at least two of aaam (standard & poor's), aaa-mf (moody's) and aaammf (fitch) and deposits with banks with minimum long-term rating of a-/a3/a and short-term rating of a-2/p-2/f-1 for banks which the uk government holds less than 10% ordinary equity.   14. trade and other payables   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited) current: £'000 £'000 £'000 trade payables 1,457 6,633 2,007 other payables 2,216 885 1,531  3,673 7,518 3,538   15. other current liabilities   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000 current:    accruals 3,850 6,530 6,581 deferred income 364 244 244  4,214 6,774 6,825 non-current:    deferred income 1,077 1,221 1,221   16. derivative financial instruments   fair value hierarchy carrying amount 30 june 2025 (unaudited) £'000 fair value 30 june 2025 (unaudited) £'000 carrying amount 31 december 2024 (audited) £'000 fair value 31 december 2024 (audited) £'000 financial assets measured at fair value through profit or loss       forward exchange contracts level 2 ꟷ ꟷ 8 8 total derivative assets  ꟷ ꟷ 8 8           financial liabilities measured at fair value through profit or loss       forward exchange contracts  (87) (87) ꟷ ꟷ total derivative liabilities  (87) (87) ꟷ ꟷ          17.  lease liabilities   30 june 2025 (unaudited) 30 june 2024 (unaudited) 31 december 2024 (audited)  £'000 £'000 £'000      at the start of the period 2,223 2,596 2,596 new finance leases recognised 46 211 290 lease payments (516) (472) (1,017) interest expense 116 127 243 adjustment to lease term 935 145 111 at the end of the period 2,804 2,607 2,223     current 813 756 731 non-current 1,991 1,851 1,492 total at the end of the period 2,804 2,607 2,223           18.  provisions   property dilapidations   warranties   contract losses total  £'000 £'000 £'000 £'000 at 1 january 2024 2,282 603 44 2,929 movements in the consolidated statement of profit and loss:     unused amounts reversed ꟷ (206) ꟷ (206) unwinding of discount 40 ꟷ ꟷ 40 increase in provision 18 ꟷ ꟷ 18 at 31 december 2024 (audited) 2,340 397 44 2,781 movements in the consolidated statement of profit and loss:     unwinding of discount 49 ꟷ ꟷ 49 change in provision (31) (232) (44) (307) at 30 june 2025 (unaudited) 2,358 165 ꟷ 2,523          current ꟷ 165 ꟷ 165 non-current 2,358 ꟷ ꟷ 2,358 at 30 june 2025 (unaudited) 2,358 165 ꟷ 2,523           current ꟷ 397 44 441 non-current 2,340 ꟷ ꟷ 2,340 at 31 december 2024 (audited) 2,340 397 44 2,781   property dilapidations   warranties   contract losses total  £'000 £'000 £'000 £'000 at 1 january 2024 2,282 603 44 2,929 movements in the consolidated statement of profit and loss:     unused amounts reversed     unwinding of discount 40 ꟷ ꟷ 40 change in provision 145 102 ꟷ 247 at 30 june 2024 (unaudited) 2,467 705 44 3,216          current ꟷ 705 44 749 non-current 2,467 ꟷ ꟷ 2,467 at 30 june 2024 (unaudited) 2,467 705 44 3,216             the settlement provision has been described in note 23.   19. share capital     30 june 2025 (unaudited)   31 december 2024 (audited)    number of £0.10 ordinary shares £'000   number of £0.10 ordinary shares   £'000 allotted and fully paid       at 1 january  193,699,380 19,370  192,968,096 19,297 allotted £0.10 ordinary shares on exercise of employee share options  110,157 11  731,284 73 at 30 june 2025 / 31 december 2024   193,809,537 19,381   193,699,380 19,370   during the six month period ended 30 june 2025, 110,157 ordinary £0.10 shares were allotted for cash consideration of £11,000 on the exercise of employee share options (six months ended 30 june 2024: 458,414 ordinary £0.10 shares were allotted for cash consideration of £376,000 and 31 december 2024: 731,284 ordinary £0.10 shares were allotted for cash consideration of £539,000).         30 june 2024 (unaudited)          number of £0.10 ordinary shares   £'000 allotted and fully paid       at 1 january 2024      192,968,096 19,297 allotted £0.10 ordinary shares on exercise of employee share options      458,414 46 at 30 june 2024         193,426,510 19,343     reserves the consolidated statement of financial position includes a merger reserve and a capital redemption reserve. the merger reserve represents a reserve arising on consolidation using book value accounting for the acquisition of ceres power limited at 1 july 2004. the reserve represents the difference between the book value and the nominal value of the shares issued by the company to acquire ceres power limited. the capital redemption reserve was created in the year ended 30 june 2014 when 86,215,662 deferred ordinary shares of £0.04 each were cancelled.   20. events after the balance sheet date subsequent to the half-year end on 30 june 2025, ceres entered negotiations with a third party regarding the early exit of a contract. as these discussions began after the reporting period, no adjustments have been recognised in the financial statements. the negotiations are ongoing so any potential liability cannot be determined with certainty, but based on legal advice ceres has received and consideration of the contracts terms which include a liability cap, management's current best estimate of the future liability is £1.8m. 21. capital commitments capital expenditure that has been contracted for but has not been provided for in the financial statements amounts to £439,000 as at 30 june 2025 (as at 30 june 2024: £1,076,000 and 31 december 2024: £725,000), in respect of the acquisition of property, plant and equipment.   22. related party transactions as at 30 june 2025 the group's related parties were its directors and rfc power limited. as at 30 june 2024 and 31 december 2024, the group's related parties were its directors and rfc power limited. no directors exercised share options in the six months to 30 june 2025. during the six months to 30 june 2024 one director exercised 380,424 share options under the ceres power holdings plc 2004 employees' share option scheme. there were no other share option exercises by directors in the year ended 31 december 2024. 23. exceptional costs exceptional operating costs ceres and a supplier settled a contractual dispute for the sum of £1,440,000. impairment of investment in associate the 24.2% interest in the associate, rfc power limited, has been impaired to £nil. during the period the group identified indicators to suggest rfc could not carry on as a going concern. as this cost arises from events outside the ordinary course of business, it has been presented separately within the condensed consolidated statement of profit and loss to provide clarity on the group's underlying operating performance.     reconciliation between operating loss and adjusted ebitda management believes that presenting adjusted ebitda loss allows for a more direct comparison of the group's performance against its peers and provides a better understanding of the underlying performance of the group by excluding non-recurring, irregular and one-off costs. the group currently defines adjusted ebitda loss as the operating loss for the period excluding depreciation and amortisation charges, share-based payment charges, unrealised losses on forward contracts and exchange gains/losses.   30 june 2025 (unaudited) £'000 30 june 2024 (unaudited) £'000 31 december 2024 (audited) £'000 operating loss (18,657) (13,757) (31,317) depreciation and amortisation 6,031 4,612 9,556 depreciation absorbed as part of inventory (579) (869) (1,527) ebitda (13,205) (10,014) (23,288)     share-based payment charges 360 900 964 exceptional operating costs 1,440 ꟷ ꟷ unrealised losses/(gains) on forward contracts 95 (151) (99) exchange (gains)/losses (1) 223 136 adjusted ebitda (11,311) (9,042) (22,287)       principal risks and uncertainties the directors have reviewed the principal risks and uncertainties that could have a material impact on the group's performance and have concluded that there have been no changes from those described in the ceres annual report 2024, summarised below. principal risk there is a risk that… viability of technology we will not be able to develop and apply the group's technology. operational capability the group may be unable to satisfy current contracts and demand. ip and regulation the group's competitive advantage could be at risk from successful challenges to its patents. long-term value proposition the value proposition of our technology may become eroded. commercial traction/ partner performance our partners may choose not to use our technology in their products or go to market slower than anticipated. partner scale-up/supply chain we may not be able to meet the timeframes agreed with our partners for the market launch of the company's technology. cyber security a cyber-attack or breach of system security could disrupt our operations, cause the loss of, destruction of, or unauthorised access to sensitive ip and trade secrets. geopolitical the company or our partners may be unable to conduct business in certain geographies, or supply chains become disrupted due to warfare or sanctions. people and capability a loss of key personnel or inability to attract required skillsets could negatively impact our ability to innovate and maintain a competitive advantage. funding and liquidity a failure to acquire new customers would impact the forecast cash position of the company, potentially requiring further external funding.     independent review report to ceres power holdings plc   conclusion based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 june 2025 is not prepared, in all material respects, in accordance with uk adopted international accounting standard 34 and the disclosure guidance and transparency rules of the united kingdom's financial conduct authority. we have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 june 2025 which comprises the consolidated statement of profit and loss and other comprehensive income, the consolidated statement of financial position, the  consolidated cash flow statement, the consolidated statement of changes in equity and the notes to the financial statements for the six months ended 30 june 2025.  basis for conclusion we conducted our review in accordance with revised international standard on review engagements (uk) 2410, "review of interim financial information performed by the independent auditor of the entity" ("isre (uk) 2410 (revised)"). a review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. a review is substantially less in scope than an audit conducted in accordance with international standards on auditing (uk) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. accordingly, we do not express an audit opinion. as disclosed in note one, the annual financial statements of the group are prepared in accordance with uk adopted international accounting standards. the condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with uk adopted international accounting standard 34, "interim financial reporting. conclusions relating to going concern based on our review procedures, which are less extensive than those performed in an audit as described in the basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. this conclusion is based on the review procedures performed in accordance with isre (uk) 2410 (revised), however future events or conditions may cause the group to cease to continue as a going concern. responsibilities of directors the directors are responsible for preparing the half-yearly financial report in accordance with the disclosure guidance and transparency rules of the united kingdom's financial conduct authority. in preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. auditor's responsibilities for the review of the financial information in reviewing the half-yearly report, we are responsible for expressing to the company a conclusion on the condensed set of financial statement in the half-yearly financial report. our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the basis for conclusion paragraph of this report. use of our report our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the disclosure guidance and transparency rules of the united kingdom's financial conduct authority and for no other purpose.  no person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.     bdo llp chartered accountants london, uk 26 september 2025 bdo llp is a limited liability partnership registered in england and wales (with registered number oc305127).   [1] mckinsey & company global energy perspectives, september 2024   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir bellleklbbbl return to news summary

Label: Gesunken