Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksItm Power Regulatory News (ITM)

Share Price Information for Itm Power (ITM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 51.00
Bid: 51.00
Ask: 51.55
Change: -1.90 (-3.59%)
Spread: 0.55 (1.078%)
Open: 52.90
High: 53.85
Low: 51.00
Prev. Close: 52.90
ITM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading and Pipeline Update

14 Jun 2018 07:00

RNS Number : 3385R
ITM Power PLC
14 June 2018
 

14 June 2018

 

ITM Power plc

("ITM Power" or the "Company")

 

Trading and Pipeline Update

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces a trading and pipeline update, ahead of reporting results for the financial year ended 30 April 2018, which are expected to be announced in late July 2018.

 

Trading

During the year ended 30 April 2018, the Company has focused on delivering its contracted pipeline of orders with the result that total income for the year is expected to be approximately £14.0m. The cash loss for the year is expected to be approximately £5.0m, which reflects the higher than expected costs due to the following three largely one-off factors: the amount of first-of-a-kind plant that has been delivered in the year; fees related to the recruitment of additional project delivery personnel; and higher factory testing costs for larger scale equipment (a factor that will be mitigated with the upcoming factory move, expected in the first half of 2019, and associated power upgrade at the new site). The Company retains a strong balance sheet with a year-end cash position of approximately £22.0m and a positive working capital position of approximately £8.0m.

 

New orders and deal pipeline

New orders received in the last 12 months have totaled £21.9m. The Company has an overall deal pipeline today of £39.0m, of which £33.5m is under contract and £5.5m is in the final stages of negotiation, representing an increase of approximately 42% since June 2017 after recognising £10.4m as income in the period.

 

Tender opportunity pipeline

The tender opportunity pipeline has grown strongly since the previously reported level of over £200m in January 2018. It now stands well in excess of £250m with a breakdown evenly spread across the three sectors of fuel, power to gas and renewable chemistry.

 

For further information please visit www.itm-power.com or contact:

 

ITM Power plc

Graham Cooley, CEO

Andy Allen, Finance Director

+44 (0)114 244 5111

Investec Bank plc (Nominated Adviser and Broker)

Jeremy Ellis / Chris Sim / Alexander Ruffman

+44 (0)20 7597 5970

Tavistock (Financial PR and IR)

Simon Hudson / James Collins

+44 (0)20 7920 3150

 

About ITM Power plc

ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a GBP29.4m working capital fundraise. The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. Additional customers include National Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others. The Company's order pipeline stands at £33.5m of projects under contract and £5.5m of contracts in the final stages of negotiation, totaling £39.0m (subject to exchange rate variation).

 

-ends-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCFJMLTMBBBBTP
Date   Source Headline
2nd Oct 201410:11 amRNSToyota to Launch Fuel Cell Sedan in 2015
10th Sep 201412:53 pmRNSResult of AGM
8th Sep 20147:00 amRNSDirector/PDMR Shareholding
29th Aug 201412:05 pmRNSNotice of AGM
6th Aug 201410:31 amRNSGrant of Options
30th Jul 20147:00 amRNSFinal Results
25th Jul 201412:18 pmRNSChange in date of final results
9th Jul 20147:00 amRNSNotice of Results
4th Jun 20147:00 amRNSAppointment of Non-Executive Director
27th May 20147:00 amRNSProduct Optimisation & Cost Reduction
8th May 201411:38 amRNSOfficial Commissioning of Frankfurt Plant
2nd May 20147:00 amRNSSecond US Refuelling Station
29th Apr 20141:54 pmRNSUK Hydrogen Refuelling Infrastructure Update
17th Apr 20147:00 amRNSIPCC Report
9th Apr 20147:00 amRNSPilot Unit for Renewable Fertiliser
31st Mar 201412:33 pmRNSCompany Secretary Change
21st Feb 201411:08 amRNSResult of EGM
21st Feb 20147:00 amRNSFinal Acceptance by Thuga
7th Feb 20147:00 amRNSRefuelling Sites Approved for EcoIsland
31st Jan 20143:37 pmRNSHalf Yearly Report
31st Jan 20143:27 pmRNSIssue of Equity
24th Jan 20147:00 amRNSContract with AMEC and National Grid
20th Jan 20147:00 amRNSAppointment of CFO
6th Dec 20134:35 pmRNSPrice Monitoring Extension
4th Dec 20137:00 amRNSFirst Injection of Hydrogen into German Gas Grid
20th Nov 20137:00 amRNSSale to UK Government Agency
18th Nov 20137:00 amRNSMOU with NRM, Germany
4th Oct 20137:00 amRNSWelsh Government Grant
2nd Oct 20131:14 pmRNSEcoIsland Hydrogen Refuelling Update
1st Oct 20138:45 amRNSTotal Voting Rights
30th Sep 20137:00 amRNSThüga plant delivered on schedule
11th Sep 201312:34 pmRNSResult of AGM
11th Sep 20137:00 amRNSFirst Refuelling Station Sale in the US
4th Sep 20131:32 pmRNSDepartment for Transport ULEV Strategy
4th Sep 201310:00 amRNSLaunch of new UK H2Mobility website
2nd Sep 20137:00 amRNSTotal Voting Rights
27th Aug 20134:54 pmRNSAnnual Report
21st Aug 20137:00 amRNSEU Grant Award
20th Aug 201311:17 amRNSNotice of AGM, Posting of Annual Report
8th Aug 20133:23 pmRNSHolding(s) in Company
8th Aug 201312:31 pmRNSHolding(s) in Company
8th Aug 20137:00 amRNSH2USA Update
6th Aug 20137:00 amRNSFinal Results & Placing
2nd Aug 20137:00 amRNSCalifornia Hydrogen Business Council Appointment
31st Jul 20137:00 amRNSParticipation in Mediterranean P-to-G platform
30th Jul 20137:00 amRNSContract for operation of hydrogen facility
24th Jul 20137:00 amRNSParticipation in Swiss H2Mobility Programme
22nd Jul 20137:00 amRNSHydrogen Cost Structure Update
17th Jul 20137:01 amRNSTechnology and Project Update
17th Jul 20137:00 amRNSAppointment of Nomad and Broker

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.