(Alliance News) - ITM Power PLC on Monday said its financial performance improved in its most recently ended financial year.
The Sheffield, England-based polymer electrolyte membrane electrolyzers manufacturer reported a narrowed pretax loss for the financial year that ended on April 30 to GBP27.6 million from GBP29.5 million the year prior.
ITM Power explained that the prior year contained the impairment of its refuelling assets, but despite the continuing growth of the workforce, costs have also been kept in check in financial 2021 through a combination of reduced expenditure during Covid-19 lockdowns and through closure of the company's properties.
Revenue, meanwhile, rose to GBP4.3 million from GBP3.3 million year-on-year. ITM Power noted that contracts backlog rose to GBP171 million from GBP119 million reported in April 2020.
The company said revenue in the year was largely generated from product sales and consultancy. This was predominantly from two major projects, the Refhyne I electrolyser build and the design and proof of concept project commissioned by Beis.
ITM Power shares were trading 9.6% lower in London on Monday morning at 423.20 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Itm Power (ITM)