Ceres Power Holdings plc LSE:CWR
- Incorporated
- United Kingdom
- Chief executive
- Phil Caldwell
- Employees
- 462
- Reports in
- GBP
- Companies House
- 05174075
Read straight from the annual reports
430p at close on 2 Oct 2026 · 11 reported years, 2015–2025
| Line | FY201506/15 | FY201606/16 | FY201706/17 | FY201806/18 | FY201906/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | later 19.8 | |||||||||||
| Gross profit | later 19.0 | later 10.7 | ||||||||||
| Operating profit | later (54.0) | |||||||||||
| Exceptional items | — | — | — | — | — | — | — | — | — | |||
| Net finance cost | ||||||||||||
| Profit before tax | later (51.5) | |||||||||||
| Tax charge | later (2.3) | |||||||||||
| Profit for the year | later (21.1) | later (47.6) | ||||||||||
| EBITDA | ||||||||||||
| Basic EPS | ||||||||||||
| Diluted EPS | ||||||||||||
| Dividend per share | — | — | — | — | — | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.
Licensing model revenue mix: technology transfer/licence fees, engineering services, technology hardware sales and royalties
Revenue primarily consists of amounts received/receivable from licence, development, evaluation and supply contracts; 2025 revenue by product line: technology hardware £10,289k, engineering services and licences £22,244k, royalties £110k
page 116First royalty revenue generated in 2025
Doosan commenced mass-market manufacture of fuel cell stacks in July 2025 at its 50MW South Korea facility, generating Ceres' first royalty revenues
page 12Asset-light licensing business model
Gross margin of 70% in 2025 (2024: 77%), described as reflecting resilience of the licensing-led business model despite a lower revenue base
page 40Non-repeat of 2024 high-margin upfront technology transfers (Delta, DENSO)
Revenue fell 37% and gross margin fell from 77% to 70% due to the timing of high-margin technology transfer revenues recognised in 2024
page 40£1.4m charge: Exceptional operating costs — settlement of a contractual dispute with a supplier
page 137As our end markets continue to evolve and with a new operational structure to drive our next phase of growth, I remain confident that our solid oxide technology will play a central role in the energy transition markets.
page 8After the year end, Ceres agreed and paid a settlement of £2.0 million to a third party in connection with the early termination of a supply contract (provided for at 31 December 2025)
page 98The Directors do not recommend the payment of a dividend for the year ended 31 December 2025 (2024: £nil)
page 96BDO LLP issued an unmodified/unqualified audit opinion (Peter Acloque, senior statutory auditor). The Directors adopted the going concern basis after reviewing monthly budgets and cash flow forecasts to 31 December 2027 and stress-testing scenarios; no material uncertainties were identified. Key audit matters were revenue recognition under IFRS 15 (a KAM in both 2025 and 2024) and capitalisation of development costs (a KAM in 2024 only, as no development costs were capitalised in 2025). Group materiality was £950,000 (1.5% of expenses).
page 101- Viability of technology — inability to develop/apply technology at the right cost point or performance in the anticipated timeframep.44
- Operational capability — inability to satisfy current customer contracts/demand due to organisational growth management or manufacturing/testing capacity constraintsp.44
- IP & regulation — risk to competitive advantage from patent challenges, unauthorised use of technology, or infringement of third-party IPp.44
- Long-term value proposition — technology value proposition becomes eroded or irrelevant, or R&D fails to generate new IPp.44
Read from C000271-AR-2025-nsm.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (8), FCA NSM (2)
FY2026Next report expected 30 Mar 2027