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ITM.GB Itm Power

50.16
0.16 (0.32%)
12:52:20 - Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Itm Power AQSE:ITM.GB Aquis Stock Exchange Ordinary Share GB00B0130H42 Ordinary Shares 5p
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.16 0.32% 50.16 40.00 60.00 50.176 50.00 50.00 9,066 12:52:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

ITM Power PLC Trading Update (4827V)

04/12/2023 7:00am

UK Regulatory


Itm Power (AQSE:ITM.GB)
Historical Stock Chart


From Oct 2023 to Apr 2024

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TIDMITM

RNS Number : 4827V

ITM Power PLC

04 December 2023

4 December 2023

ITM Power PLC

Trading Update

Ahead of our interim results which are due to be released on 31 January 2024, we are pleased to provide a summary of our financial performance for the 6 months to 31 October 2023.

In summary, the expected unaudited financial results for the half year are as follows:

   --    Revenue of GBP7.5m (well on track for full year guidance of GBP10-18m) 

-- Adjusted EBITDA loss between GBP22-23.5m (trending well against lower end of full year guidance of GBP45-55m)

-- Net cash at the end of the first half of the year of GBP253.7m (against full year guidance of GBP175-200m), with an outflow in H1 of GBP28.8m, already reflecting the early effects of the significant progress against our 12-month plan in H1.

Given this reassuring performance we confirm our full year guidance.

Dennis Schulz, CEO ITM, said: "We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on. The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year. We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend. We look forward to providing a detailed update on our 12-month plan which is nearing successful on-time completion in January, and to giving insight into our longer term strategic priorities at the time of our interim results."

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

 
 ITM Power PLC 
 Justin Scarborough, Head of Investor 
  Relations 
  James Collins, Head of Corporate         +44 (0)114 551 1080 
  Affairs                                   +44 (0)114 551 1205 
 
 Investec Bank plc (Nominated 
  Adviser and Broker)                      +44 (0)20 7597 5970 
 James Rudd / Chris Sim / Ben Griffiths 
 
 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London

Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures

electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

-ends-

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END

TSTFZMGZNFVGFZM

(END) Dow Jones Newswires

December 04, 2023 02:00 ET (07:00 GMT)

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