ITM backs outlook supported by solid contract backlog, sales pipeline

(Alliance News) - ITM Power PLC on Thursday reported a record six months sales performance with increased momentum in Europe offsetting uncertainty in the US.

The Sheffield, England-based green hydrogen electrolyser designer and manufacturer forecast an adjusted loss before interest, tax, depreciation and amortisation of GBP11.9 million in the six months to October 31, revenue of GBP18.0 million and cash of GBP197 million at the end of the period.

Momentum has continued to accelerate in Europe, led by Germany, the UK is "gathering pace" while in the US, policy shifts have caused "uncertainty."

ITM Power said the sales pipeline remains strong, while operational performance progress is reinforcing customer confidence.

Chief Executive Dennis Schulz said: "In the first half of the year, we again delivered our strongest ever six-month revenue performance. We continue to have a solid contract backlog and sales pipeline. Our Ebitda losses have narrowed further, supported by strong manufacturing and project performance, as well as disciplined cost control and capital allocation."

For the full-year, ITM left guidance unchanged.

The firm expects revenue between GBP35 million to GBP40 million, an adjusted Ebitda loss in the range of GBP27 million to GBP29 million and cash at year-end between GBP170 million to GBP175 million.

In the financial year to April, ITM reported revenue of GBP26.0 million, an adjusted Ebitda loss of GBP33.0 million and cash at year-end of GBP207 million.

Shares in ITM were down 3.5% at 69.90 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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