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(Sharecast News) - Shares in hydrogen firm ITM Power made sharp gains on Thursday as the company posted interim in line with expectations as it seeks to turn its fortunes around.
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
