ITM Power reaffirms guidance after strong first half

ITM Power said in an update on Monday that from 1 April to the end of October, it achieved revenue of £7.5m, making for a promising trajectory towards its full-year guidance range of £10m to £18m.

The AIM-traded firm said that in terms of its adjusted EBITDA loss, it recorded a range between £22m and £23.5m for the first half, in line with the lower end of its full-year guidance range of £45m to £55m.

Furthermore, the company reported a robust net cash position of £253.7m at the end of the half-year, surpassing the full-year guidance range of £175m to £200m.

Despite an outflow of £28.8m during the period, that already accounted for the early effects of substantial progress against the company’s 12-month plan.

Based on its financial performance, ITM Power reaffirmed its full-year guidance.

“We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on,” said chief executive officer Dennis Schulz.

“The first six 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.”

Schulz said the firm was pleased with the improvements achieved across all company areas, many of which positively affected how it managed cash and scrutinised capital spending.

“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.”

At 0913 GMT, shares in ITM Power were up 9.34% at 56.35p.

Reporting by Josh White for Sharecast.com.