Ceramic Fuel Cells Reports Interim Results

27 Feb 2013

Ceramic Fuel Cells Limited has released its interim financial results for the six months ended 31 December 2012 along with its Directors’ report and review of operations.

Highlights of the Half-Year:

  • Strong political support in Germany & the UK
  • North-Rhine Westphalia (NRW) introduces a capital subsidy scheme - the Company expects this to reduce the installed cost of a BlueGen unit to commercial customers in NRW by around EUR 10,000. Confirmation from NRW expected within the next 4 weeks
  • UK Government increases the feed-in tariffs applying to micro-CHP units like BlueGen from December 2012
  • The Company targets the significant UK social housing market - appoints the energy services company iPower as distribution channel for this market.
  • Sales of 90 units completed– 34% increase over the equivalent period in 2011.
  • Total cumulative orders received exceed 600 units. The Company is expanding its sales resources in Europe whilst also realigning its operational activities to reduce overhead costs.
  • Investment in marketing is being increased to support projected sales growth in Germany, UK and Benelux.
  • BlueGen receives a number of prestigious awards in Germany

During the first half of the fiscal year the company has made a number of significant changes to realign its corporate structure and operating activities to reduce overhead costs and to focus on the German, UK and Benelux markets. Sales volumes were up by 34% compared to the equivalent period in 2011. Revenue in the current period was AUD 2.6 million (GBP 1.7 million).

Ceramic Fuel Cells CEO Bob Kennett said “We see both strong political support for our technology and considerable market opportunities in our key European markets. We are positioning the Company to take advantage of the capital subsidy scheme formCHP announced in the German state of North Rhine Westphalia, and the increase in the feed-in tariff in Britain which are both expected to be strong drivers of sales”.

Financial results and the Interim Report are available here.

Source: Ceramic Fuel Cells Limited

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