ITM Power PLC has announced a significant improvement in its financial outlook for the fiscal year ending 30 April 2024. The green hydrogen technology firm, based in Sheffield, has revised its EBITDA loss forecast, painting a much rosier picture than previously anticipated.
Previously, the company had projected an EBITDA loss between £39.0m and £44.0m, as stated in their 6 June trading update. This figure already marked an improvement from earlier estimates. However, today’s announcement signals further material improvement, with ITM Power now expecting losses to narrow to between £30.0m and £32.0m.
The driving force behind the dramatic improvement is the resolution of disputes tied to legacy projects. With these matters now settled, ITM Power has been able to release a provision previously set aside, significantly bolstering its EBITDA financial position.
As the audit process nears completion, investors will be gearing up for 15 August, when the preliminary results will be released.
ITM has recently signed deals with industry heavyweights such as Shell and shareholders will be looking forward to further insight into progress in the rollout of ITM’s electrolyser stacks.