Ceres Power Share Price Edged Higher After Appointing a New CFO

Trade Ceres Power Shares Your capital is at risk
Simon Mugo
Updated: 21 Oct 2021

Ceres Power Holdings plc (LON: CWR) share price edged 1.19% higher after the appointment of Eric Lakin as the next chief financial officer (CFO).

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Lakin will assume his new role in January 2022 when the current CFO, Richard Preston, steps down to spend more time with his family.

Eric Lakin was the immediate former CFO at Smiths Interconnect, an industrial technology business with over £300 million in revenues, part of the larger Smiths Group.

The new CFO spent ten years at Smiths Group, before which he worked in finance and private equity and was an equity research analyst at Credit Suisse and Bank of America.

Ceres Power shares barely reacted to the news as they edged slightly higher simply because the appointment of a new CFO is likely to have a minimal material impact on the company.

Phil Caldwell, Ceres Power’s CEO, commented:  “I would like to say a huge thank you to Richard for his significant contribution over 13 years towards building a successful business at Ceres.”

Adding:

“We are delighted to announce Eric's appointment as CFO. His extensive experience in operational finance and corporate development within engineering and technology companies makes him the ideal choice as CFO for the next stage in the company's growth.”

Ceres Power shares had edged higher since my last article on the company earlier this month, where I identified the crucial support level at a time when its share price had just bounced off the level.

The hydrogen fuel cells company remains well-positioned to profit from the rising trend towards adopting clean energy fuel sources as many countries ramp up their efforts to become carbon-neutral.

Meanwhile, traders looking for buying opportunities in Ceres should either wait for a pullback to the previous support level or a break above the next resistance level highlighted on the chart. The current setup does not present an excellent risk: reward ratio.

*This is not investment advice.

Ceres Power share price.

IG chart of Ceres Power share price 21-10-2021

Ceres Power share price edged 1.19% higher to trade at 1143.50p, rising from Wednesday’s closing price of 1130.00p.

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