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Pin to quick picksItm Power Share News (ITM)

Share Price Information for Itm Power (ITM)

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Share Price: 240.00
Bid: 240.00
Ask: 240.60
Change: -8.40 (-3.38%)
Spread: 0.60 (0.25%)
Open: 247.50
High: 247.50
Low: 235.10
Prev. Close: 240.00
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ITM expects losses to widen, shares fall

Thu, 9th Jun 2022 11:52

(Sharecast News) - ITM Power said annual losses were set to widen significantly after the green energy specialist increased investment across the business.

The AIM-listed firm said adjusted earnings before interest, tax, depreciation and amortisation were expected to be around £36.5m in the year to 30 April, compared to last year's losses of £21.4m. It noted that EBITDA had been impacted by a £7m investment in training and recruitment, and £14m in project delivery and ramp up costs.

Revenues, meanwhile, are expected to come in at £5.5m compared to £4.3m a year previously. Around £11m of revenue from one contract will now be recognised in the 2023 full year, ITM added.

Shares in the firm, a specialist in energy storage and clean fuel, fell sharply on the update. As at 1130 BST, they were off 12% at 254.47p.

Graham Cooley, chief executive, said: "Over the past year, ITM Power has laid the foundations, financially and operationally, to scale our production capacity which will play a critical role in decarbonising economies.

"Russia's invasion of Ukraine has accelerated the intent of many countries to increase energy and food security, with a specific focus on green hydrogen. We believe we can gain a material share of these global markets as a result of our experience, expertise, partnerships and capacity."

The group also said it had a "record backlog" of work, which stood at 755 mw as at the start of June, a 53% increase since the start of the year. Year-on-year, the backlog is 160% higher. Of that, 75 mw is contracted, 342 is in negotiation and 338 mw is preferred supplier.

The company will announce final results on 8 August.

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