ITM Power shares rose on Monday after reaffirming their full-year guidance as the green hydrogen company delivers on a 12-month plan to reduce costs and streamline the business.
ITM Power shares were 9% higher at the time of writing.
The hydrogen energy storage company said that unaudited results for the six months to 31 October 2023 show revenues came in at £7.5 million, keeping ITM well on track to meet full-year guidance of between £10-18 million.
Additionally, ITM reported an adjusted EBITDA loss of between £22-23.5 million for the first half, trending favourably against the lower end of its full-year expectation of £45-55 million.
ITM Power closed the six-month period with a net cash position of £253.7 million. This comes against full-year guidance of £175-200 million, with a total first half cash outflow of £28.8 million. The company said this reflects significant progress made over the first half of its 12-month plan.
ITM Power has made disposals and reduced head to help cut costs as it expands globally, including its recent entry into the US market.
Dennis Schulz, CEO ITM, commented:
“We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on. The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year.
“We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend. We look forward to providing a detailed update on our 12-month plan which is nearing successful on-time completion in January, and to giving insight into our longer term strategic priorities at the time of our interim results.”
Today’s trading update was issued ahead of its interim results due on 31st January 2024.