ITM Power shares rose on Thursday after the Green Hydrogen specialist announced that it expected a tripling of profits and halving of losses in the full year.
Ahead of its preliminary results scheduled for release on August 15th, 2024, ITM Power PLC has provided a summary of its financial performance for the 12 months ending April 30th, 2024. The company’s revenue is expected to be in the range of £16.0m to £16.5m, which falls within the guidance range of £10m to £18m and represents a remarkable threefold increase compared to the previous year.
The expected financial results, subject to audit, also indicate an adjusted EBITDA loss between £39.0m to £44.0m. While this figure is better than the guidance of £45m to £50m, it still represents a year-on-year reduction of more than 50%, reflecting the company’s ongoing efforts to improve its financial performance.
Furthermore, ITM Power PLC reported a net cash position of £230m at the year-end, surpassing the guidance range of £200m to £220m. This positive result is attributed to the stringent cost and capital disciplines that have now become ingrained in the company’s DNA, demonstrating its commitment to financial prudence and sustainability.
“During the year, we completed our 12-month plan, transforming ITM into a credible delivery organisation, and we have attained a positive operating rhythm of deploying products to our customers,” said Dennis Schulz, CEO of ITM.
“We grew revenue more than threefold and halved our losses, and in line with our strategic priorities, we managed our cash carefully. I am pleased with our progress, and look forward to providing further details, including guidance for the current year, at the time of our preliminary results announcement in August.”
