ITM Power shares gain as H1 results beat expectations

The company posted revenue of £5.2m, down from £5.6m a year earlier, but well ahead of previous guidance of £2m. Pre-tax losses have widened to £94.2m from £39.8m and at the upper end of the £85-95m expectations.

“Against a backdrop of an unacceptable operational and financial performance for the year as a whole, our results are above or in line with the guidance provided in January 2023 with a net cash position at the year end of £283m (ahead of guidance of £245m - £270m) and our balance sheet in a healthy position," the company said.

Headquartered in Sheffield, ITM Power designs and makes electrolysers to produce green hydrogen. The company in January issued a profits warning and sae operating losses bloat as it continued to struggle in its transition from a research and development outfit and into a volume manufacturer at scale.

Reporting by Frank Prenesti for Sharecast.com