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(Alliance News) - ITM Power PLC on Monday backed annual guidance, citing progress of its 12-month plan aimed at providing the company with a sound foundation to build on.
ITM Power shares rose 11% to 57.38 pence per share on Monday morning in London.
The Sheffield, England-based maker of electrolysers to produce green hydrogen said for the six months ended October 31, it expects half-year revenue of GBP7.5 million, an improvement from GBP2.0 million a year earlier, and leaving it on track to achieve annual guidance of GBP10 million to GBP18 million, up from GBP5.2 million in financial 2023.
Further, it expects a half-year adjusted loss before interest, tax, depreciation and amortisation between GBP22 million to GBP23.5 million, "trending well against lower end" of yearly guidance of a loss between GBP45 million to GBP55 million.
It had reported a GBP54.1 million adjusted Ebitda loss in the first half of the previous financial year, and an adjusted Ebitda loss of GBP94.2 million in financial 2023.
Chief Executive Officer Dennis Schulz said: "We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on. The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year. We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend."
By Tom Budszus, Alliance News slot editor
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