ITM Power raises revenue guidance after recent contract wins

(Alliance News) - ITM Power PLC raised its annual revenue outlook as the electrolysers manufacturer said it has seen strong project progress.

The Sheffield, England-based company now expects revenue between GBP40 million and GBP43 million for the year ending April 30, above the previous guidance range of GBP35 million to GBP40 million. The company reported revenue of GBP26.0 million in the last financial year.

ITM said that the increased view "reflects contributions from recently announced contracts", in addition to the revenue boost which followed the adoption of the percentage-of-completion method "which enables revenue to be recognised progressively over the life of the contract".

There are no changes to ITM Power's adjusted earnings before interest, tax, depreciation, and amortisation view, nor its cash guidance.

Chief Executive Officer Dennis Schulz said: "ITM continues to deliver strong revenue performance while increasing our firm contract backlog, and we remain well-positioned with a healthy level of sales activity."

ITM Power shares were up 0.4% to 64.54 pence each in London on early Tuesday afternoon.

By Martin Miraglia, Alliance News reporter

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