Ceres shares rose despite a decline in revenue forecasts.

Ceres (LON:CWR) shares rose by 1.5% following the company's financial results announcement, despite its revenue forecast for the fiscal year 2025 falling below market expectations. The clean energy firm reported a revenue of £51.9 million, within its guidance range of £50-60 million for the fiscal year 2024. Ceres achieved a gross profit of £40.2 million with a gross margin of 77%, despite an annual operating loss of £31.3 million.

Looking ahead, Ceres anticipates revenues for 2024 to remain consistent with the previous year, which is below the consensus estimate of £58.5 million, indicating an 11% decline. Despite the low revenue outlook, Ceres emphasized its commitment to expanding its partner portfolio and achieving technological milestones, with updates on full-year revenue expectations expected in July. The company also expressed confidence in expanding partnerships globally post-2025, highlighting positive developments in collaborations worldwide.