ITM Power FY losses better-than-expected

Energy storage and clean fuel company ITM Power said on Thursday that full-year underlying losses were better than initially expected as it worked to attain "a positive operating rhythm" throughout the twelve months ended 30 April.

ITM Power expects to report an adjusted underlying loss between £39.0m and £44.0m, better than guidance for a print of £45.0m-50.0m, and a year-on-year reduction of more than 50%

Revenue was expected to be in the range of £16.0m-16.5m, within the £10.0m to £18.0m guidance range and more than a threefold increase compared to the prior year.

The AIM-listed group added that net cash at the year-end was £230.0m, ahead of the guidance range of £200.0m to £220.0m and reflecting "stringent cost and capital disciplines" now "embedded" in its "DNA".

Chief executive Dennis Schulz said: "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. 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."

As of 0855 BST, ITM Power shares were up 1.97% at 64.85p.

Reporting by Iain Gilbert at Sharecast.com