ITM Power revenues fall as it builds up infrastructure
Energy storage and clean fuel company ITM Power announced its interim results for the six-month period to 31 October on Thursday.
The AIM-traded firm reported total revenue and grant funding of £2.97m, down 14%, which the board said reflected the early stages of build projects during which there was relatively little revenue recognition.
Revenue was down 39% to £0.4m, while grant income improved 18% to £1.62m.
Grants receivable for capital projects reduced 33% to £0.95m.
The company posted a 21% increase in fixed assets to £3.8m.
Its loss from operations improved 28% to £2.27m, while its cash burn reduced by 59% to of £1.61m.
At period end, ITM had a cash balance of £1.7m, down from £2.6m at the same time in 2015.
Debtors balances stood at £9.2m, which was 79% higher than in the prior year, and comprised substantially of balances from the California energy commission, UK government, and the EU joint undertaking, as well as balances paid in advance to suppliers.
“The last six months have seen significant development of our refuelling infrastructures around London and whilst this has been a key area of progress, we have also maintained a focus on our other markets and products,” said CEO Graham Cooley.
“Demand for quotes and interest in our products and expertise continue to grow, resulting in some sizeable contracts for the second half of the current year and beyond.”
Cooley said the board hoped that it could continue to develop its technology, contacts and order book as demand for its products and know-how increased on the back of its high-profile undertakings.
Roger Putnam, chairman, added: "While changes in world economies and the UK's relationship with Europe in particular, have provided challenges for UK businesses, ITM Power has progressed with its refuelling projects in the UK.
“[It also] continues to receive significant interest from overseas power-to-gas markets, further raising the profile of ITM Power as a world leader in the deployment of PEM electrolysis.”