(Alliance News) - ITM Power PLC on Wednesday said Graham Cooley has decided to step down as chief executive after 13 years in post, as the company posted a wider annual loss amid higher costs.
ITM Power shares fell 25% to 114.85 pence each in London on Wednesday morning.
The energy storage and clean fuel firm creates hydrogen energy solutions to boost the take-up of renewable energy.
Pretax loss in the year to April 30 nearly doubled to GBP46.7 million from GBP27.6 million, as cost of sales nearly tripled to GBP29.1 million from GBP10.8 million. Administrative expenses increased 44% to GBP10.7 million from GBP7.4 million.
More positively, revenue rose by 32% to GBP5.6 million from GBP4.3 million, the Sheffield-based company reported.
"Continued investment in capability and capacity will see losses increase in the near term, with an improved position in the medium term. The cash on our balance sheet will enable us to grow capacity," ITM Power said.
Further, regarding its outlook, the company said: "We start the new financial year in a strong financial position and, whilst there are many operational changes being made within the group, we expect good sales momentum, with further investment into our people, our processes and our assets. We also see the economic case for green hydrogen projects increasing, with the macro picture expected only to improve."
ITM Power said that it has started the hunt for Cooley's replacement as CEO and that he will remain in position until a successor is appointed.
After this, he will assume a "senior strategic role".
"As we seek to become a global manufacturing powerhouse, now is a good time for me to step aside and hand over to someone with more experience in this area," Cooley said.
By Tom Budszus; tombudszus@alliancenews.com
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Itm Power (ITM)