Ceres Power has reported a 26% decline in revenue in its H1 results, which fell from £28.5m in the opening six months of last year to £21.1m in its latest opening half.

The clean energy technology provider said the figure was in line with management expectations.

Ceres, posting its results for the six months to 30 June, is a developer of fuel cells for power generation and electrolysers to produce green hydrogen. It reported that its gross profit decreased 27% to £16.6m, down from £22.9m last year, reflecting lower revenues in the period.

The company’s adjusted earnings loss also increased to £11.3m, from £9m in the H1 period last year.

Following the announcement, the London listed company saw its share price fall by more than 11%.

Ceres CEO, Phil Caldwell, revealed the company was 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.

“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,” Caldwell said.

“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.”

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