ITM Power FY revenue seen ahead of guidance, EBITDA loss within range

The company had guided to revenue of £2m and an adjusted EBITDA loss of £85m to £95m. It expects the latter to come in at between £90m and £95m.

Net cash at the year-end is expected to be £281m, ahead of guidance for a range of £245m to £270m.

In a brief update for the year to the end of April, chief executive Dennis Schulz said: "We are pleased with the progress made so far against our 12-month plan laid out in January, which aims to transform ITM Power into a highly focussed delivery organisation with volume manufacturing capabilities.

"Focus areas are concentrating on a core product suite, reducing cash burn, and de-bottlenecking fabrication and testing. Recently announced milestones such as the 300% planned increase in power supply to 30MVA and the decision to expand our facilities at Bessemer Park are tangible signs of progress.

"We have made significant progress on organisational refinement, improving engineering and I am particularly delighted to see our intense efforts to slow down cash consumption already proving to be effective in such a short space of time. We will provide an update on the 12-month plan alongside our final results in July."