ITM Power losses widen despite 'significant increase' in top line

Despite seeing losses widen over the last twelve months, hydrogen fuel cell developer ITM Power revealed a "significant increase" in its top line result on Monday.

The AIM-listed firm's LBITDA widened 108% to £4.8m, while its pre-tax loss worsened 82.5% to £6.48m on the back of the production and engineering costs for its prototypes, which climbed 57.6% to £4.1m.

ITM incurred in a series of one-off costs associated with the production of its first-of-its-kind plant and clocked up higher expenses due to inefficiencies over at its existing facilities.

On the other hand, ITM Power saw product revenue increase 36% to £3.3m, while its top-line grew 53% to £14.1m.

ITM also revealed an increased set of costs related to its recruitment practices as it sought to prepare for delivery of its order book.

Following its successful fund-raising in December, ITM ended the financial year with a cash balance of £20.4m, a 1,175% improvement from the £1.6m it had on hand the year before.

Graham Cooley, ITM's chief executive, said, "This financial year has been a period of significant development for ITM Power."

"With revenue increasing by 53%, the company has been focussed on the expansion of staff and the planning of the new, larger production facilities," he added.

As of 0950 BST, ITM shares had ticked ahead 0.86% to 30.51p.