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(Alliance News) - ITM Power PLC on Thursday reported a sharp rise in half-year revenue but a widened loss on increased overheads.
Shares were down 6.0% at 251.80 pence each on Thursday midday in London.
The South Yorkshire-based energy storage and clean fuel firm reported a widened pretax loss of GBP15.3 million in the six months to October 31, from GBP12.0 million a year before.
ITM Power blamed this on increased overheads, predominantly around its engineering and manufacturing resources.
Additionally, there was "no grant income" to offset cost of sales, it noted.
Revenue multiplied to GBP4.2 million from GBP178,000 a year prior.
ITM Power put this down to the impact of Covid-19 in the previous half-year period that prevented access to its site and the completion of projects.
Nonetheless, the company expects to meet its production expectations of 33 to 50 millions watts of finished product this year.
It thinks it is very well positioned to capture a material share of the global green hydrogen market.
"We are making very solid progress, with a number of projects won which have resulted in a significant increase in our work in progress. The company is focussed on delivery of products and converting the tender pipeline into contracted projects," Chief Executive Graham Cooley commented.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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