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ITM Itm Power Plc

53.72
-0.12 (-0.22%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Itm Power Plc LSE:ITM London Ordinary Share GB00B0130H42 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.12 -0.22% 53.72 53.66 54.30 55.00 51.70 55.00 1,372,024 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electrical Machy, Equip, Nec 5.23M -101.2M -0.1641 -3.30 333.61M
Itm Power Plc is listed in the Electrical Machy, Equip sector of the London Stock Exchange with ticker ITM. The last closing price for Itm Power was 53.84p. Over the last year, Itm Power shares have traded in a share price range of 43.20p to 99.00p.

Itm Power currently has 616,882,323 shares in issue. The market capitalisation of Itm Power is £333.61 million. Itm Power has a price to earnings ratio (PE ratio) of -3.30.

Itm Power Share Discussion Threads

Showing 41401 to 41422 of 47550 messages
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DateSubjectAuthorDiscuss
18/8/2023
09:18
you bought back and then sold at a profit.Thats fine but nothing has changed dramatically like your views only a bit more optimism following results
mj10
18/8/2023
09:13
There's two broker forecasts let's just keep it real. I'm not in at present for a reason. If the price gets into bargain territory where I don't think it will go lower I'll be back in. Reducing risk. I'm pretty clear. Nothing changed with results. Only an obvious reliance on other factors that aren't Dennis or itm as gimme states quite well for him. Without the need for biblical quotes to support . Much better gimme. Itm have given cause for indecision amongst share holders and investors. Till we have a stream of deals, the next figures might be in jeopardy as this years. That revenue was targeted about 2021 wasn't it ...also . That's 3 years down the pan also . No divi no interest only reduced holdings
moontheloon
18/8/2023
08:53
moon
your view goes from black to white and back again depending on whether you are in or out A bit too obvious

mj10
18/8/2023
08:48
I'll have some in the 60s again. 70s would be fine. See if mms let some shorts close
moontheloon
18/8/2023
08:47
Did they mention shell or rhyfine in the presentation... Or was it a dead zone?
moontheloon
18/8/2023
08:45
This is bordering on Kremlinesque news dept now Graham
moontheloon
18/8/2023
08:44
Nicely amended gw after my post . Thanks for clarity
moontheloon
18/8/2023
08:43
Take your pick punters . We hit 64p with a 200p target by some. Maybe in 5 years. 6 months if there's a contract per month announced here on in . Or maybe never if no one signs off a FID EVER
moontheloon
18/8/2023
08:40
In the spirit of balance and non censorship against 'Mr rose tinted' here's the full story today. Anyone on the side lines currently Goldman Sachs raises ITM Power price target to 68 (64) pence - 'sell'----------RBC cuts ITM Power price target to 250 (260) pence - 'outperform
moontheloon
18/8/2023
08:31
New broker rating £2.50. Another saying 68p.

😂😂😂

grahamwales
18/8/2023
06:58
ITM in the News








Hydrogen equipment maker ITM hails 'tangible progress' on recovery

UK hydrogen equipment maker ITM Power said it was making “tangible progress” on its turnaround as it posted annual revenues that beat expectations following a string of profit warnings in the past 12 months.

The Sheffield-based manufacturer of electrolysers used to produce green hydrogen, which is central to global ambitions to cut carbon emissions, generated revenue of £5.2mn in the year to the end of April, ahead of guidance of £2mn.

The update comes amid a drastic overhaul at ITM aimed at simplifying the business and cutting costs, after the start-up issued three profit warnings over an eight-month period to mid-January.

ITM posted a 7 per cent decline in annual turnover on Thursday and a more than doubling of pre-tax losses, to £101.2mn, having warned investors earlier in the year to expect steeper losses due to delays to deliveries on contracts and inventory writedowns.

The start-up, founded in 2001, is one of Britain’s biggest hopes for a homegrown manufacturing champion in the energies of the future. However, it has struggled to make the transition from technology developer to a mature manufacturer.

Chief executive Dennis Schulz said on Thursday it was “encouraging to see the amount of progress” the company had made since the launch of its turnaround plan earlier this year, adding it was on its way to “becoming a highly efficient and reliable volume manufacturing company”.

Schulz took over as chief executive from Graham Cooley in December, moving from his previous role in the engineering arm of ITM’s biggest shareholder, Linde. He pledged to regain the trust of investors and customers, including by reducing the company’s product range and cutting headcount by a quarter.

Hydrogen is a relatively niche product used mainly in refineries and chemicals plants but is considered crucial to the shift away from fossil fuels because it does not produce carbon dioxide emissions when burnt. 

Electrolysers are used to split water into oxygen and hydrogen. The alternative method of producing hydrogen — splitting it from natural gas — generates carbon dioxide emissions. 

The International Energy Agency estimates electrolyser capacity will need to grow to about 560GW in 2030, up from an estimated 3GW this year, to meet clean energy goals.

In its results on Thursday, ITM also flagged a “temporary slowdown” in investors giving the green light to new projects due to high electricity prices, inflation and uncertainty about government support. 

However, ITM Power said this had given it “breathing space required to focus on implementing” its turnaround plan.

Alex Smith, analyst at Investec, said the company’s recovery plan was “on track” and it was “successfully gearing up”.

ITM said it now expected to make revenue of £10mn-£18mn in its 2024 financial year, with an adjusted loss (earnings before interest tax depreciation and amortisation) of £45mn to £55mn. 

ITM shares climbed almost 5 per cent per cent in afternoon trading to 91.46p.

norbus
18/8/2023
06:01
China's EV graveyard.
grahamwales
18/8/2023
05:51
And this is what Sunak calls energy security.


Petrol and diesel prices could 'surge' and have a 'sizeable impact' on UK drivers


The global oil cartel, OPEC+, is expected to slash production volume estimated to be worth around five per cent of the global supply during August and September.

Replace cartel for legal mafia.

grahamwales
18/8/2023
01:39
No one can argue with your reasoning or logic. However intuition goes beyond and cuts through logic.

The technology and the equipment equate to a sort of magic wand that can produce energy and water from nature On a barren tract of land or a hill that can produce food .water and sustain life.

The technology guarantees energy independence & is a must have for Islands

ITM will be fighting business away

norbus
17/8/2023
22:39
I agree gimme with a lot of that . Well reasoned, every busines could be said to face similar however. I did enjoy the read and the food for thought. Ive said it myself... Despite the quality of Dennis too much does rely on third parties and factors. Time is our enemy ... As with all humans. I do believe there will be eventually enough from the likes of rwe to weather the future for itm. It just still feels like being paid for slow FIDS and slow implementation and slow payment could result in the usual further missed guidance. (Without the rose tinted glasses on) things have improved massively under Dennis, the world hasn't and the likes of the UK government and shell seem to have gone into reverse gear. Rather than full steam ahead. I agree with your worries. As with you, I like Itm. Loved it previously. And you should never fall in love with a share.
moontheloon
17/8/2023
21:07
BJ

Have a similar view of Dennis very efficient and considering he has only been there 6 moths other CEO's would probably just about be getting their feet under the table.

To make bold changes takes very strong leadership which certainly comes across, staff need to know what direction they are going, under Cooley it must of been disorganised chaos. To have spent so much money and not get any workable products out the gate to me is a crime and amazed other companies have taken him on.

Back to ITM. Product base now looks professional even todays video could be something produced by Linde :-).

I'm sure a lot of investors are at least looking forward to a bright future as ITM holders with much more reassurance than the last 12 months.

grahamwales
17/8/2023
20:22
"As ITM is transitioning to a volume manufacturer, we are now six months into our 12-month plan announced in January 2023 to solidify our foundations and have made substantial progress in our three focus areas:

1. concentrate on a standardised core product suite for repeatable and reliable volume manufacturing;

2. improve capital discipline by a stringent cost reduction programme in the short-term, and by introducing professional processes for the future; and

3. debottleneck and ramp up fabrication and testing, and invest into incremental automation.

In parallel, we are delivering against our project commitments, thereby completing important reference plants."

*Important to remember and review after Dennis has had the full 12 months. I do agree, his first 6 months have been very good.


CHIEF EXECUTIVE OFFICER'S STATEMENT

"I have been at ITM for just over half a year and it is encouraging to see the early progress we have been making against our 12-month priorities plan laid out in January 2023. The implementation, which is moving at pace, will strengthen our operational and commercial capabilities. When I chose to join as CEO, it was because I believe in ITM's CORE TECHNOLOGY and in the important role green hydrogen will play in the energy transition. I welcomed the opportunity to help ITM steer a successful path from the development of first-of-a-kind technology to becoming a highly efficient and reliable technology and manufacturing company. I did not underestimate the challenge to transform ITM into a mature delivery organisation, but the majority of changes required are about BASICS such as the organisational structure, accountability, processes, controls and tools."

*Core Tech: Trident, Neptune, Poseidon.





"Whilst there is still a lot to accomplish at ITM, six months into our 12-month plan, we should not overlook the significant steps forward we have already made in such a short period of time. Operational excellence, what we strive for, is a consistent way of working that delivers on our goals, activating the entire organisation to continuously get better every day at achieving our purpose. It is about culture, about behaviours, mindsets, and daily practices that are intrinsically linked to our purpose and values as a company. By slowing down and focusing on doing things right the first time, essentially prioritising quality over quantity, we have already gained traction and speed. This shift in culture to become a professional and credible organisation ready for volume manufacturing has started taking effect. The transformation is evident in our day-to-day behaviours already, and it is imperative that we maintain this momentum. Whilst some revenues related to product deployments have yet to be recognised at customer site acceptance testing, I am very proud that more products have left the ITM factory over the past six months than in the previous 22 years of its history."


Indeed, the proof is in the pudding - I do not doubt the competency of Dennis and his team, or the capability of the technology.

However, some things are out of the control of ITM Power:

"Due to recent energy prices, inflation and slow funding decisions, some customers have delayed their final investment decision."

"Some" - Who?
"Delayed" - How long?

Concerning?

- Why are energy prices high?
- Why is inflation high?
- Why are the funding decisions slow?

What are the likely outcomes, over the next couple of years, for...

- Energy prices?
- Inflation?
- Funding decisions?

What impact does each have on ITM and its customers?

"Delayed" - How long?

"what we believe is a temporary slowdown of final investment decisions (FIDs) being taken by customers, which has given us breathing space to enact our 12-month plan without missing out on the growing market demand for electrolysers. Given our progress, we have now started to be more active in the market again, although we will continue to be selective to ensure that we can deliver a robust and reliable product on time and on budget, and that projects contribute positively to our margin."

Uncertainty.

*I firmly believe that inflation will keep rising, it is simple math, purposed to implement a not-so-incredible agenda. Therefore, if this is the reason for delayed FIDs, how can I expect the delays to be only temporary, and not perhaps expected to increase? Over what time frame? Hopefully, one can now sympathise with my take on this point.


"But how do these huge numbers translate into real business scale-up? Looking at electrolyser manufacturers alone, growing by a factor higher than 100x in just a few years requires laser-sharp focus and discipline. It also requires our suppliers to scale with us* [risk]. Every step of the value chain needs substantial investments and risk-taking to grow at this pace [risk]. Therefore, to take uncertainty out of the equation as much as possible, we require commercial projects to scale with as well as continued government support[risk] and funding [risk], all of which are CRITICAL enablers, together with stable regulatory frameworks [risk] and quick grant decisions [risk]. Ultimately, only building real physical plants will make the hydrogen economy and energy transition real."

*Beneficial to show use cases, beyond 'net-zero', that are profitable, without carbon pricing, if possible - Infineon was a good example of an 'alternative' use case.

*ITM need to reduce those 'risks of reliance'.

"There are, however, a number of obstacles which have delayed customer projects reaching a Final Investment Decision (FID). These obstacles comprise current peak electricity prices, with electricity cost being the key determinator for the production cost of green hydrogen, inflation leading to rising project and capital cost, and uncertainty regarding regulatory frameworks which are partly still evolving, as well as delayed funding decisions by governments due to bureaucratic hurdles. As a result, projects are piling up, as industries continue to face increasing carbon taxation [ouch, communism never helps anything] and ever tighter regulatory limits for carbon emissions [ouch, tyranny]. For ITM, this slowdown of investments, 'which we believe is temporary', came at the right time to give us the breathing space required to focus on implementing our 12-month plan to solidify our foundations as a company, while integrating closer with and advancing our supply chain, all of which is required for true upscaling of volumes and global expansion.

In summary, the global green hydrogen market and electrolyser demand are expected to see strong growth in the coming years, driven by the need to decarbonise [business driver, and risk], favourable government policies [business risk - changes with the wind], increasing investments, and use cases in a wide range of industries [yes please]. It is now certain that green hydrogen will play a significant role in the energy mix of the future, and we expect to see continued momentum in this market in the years to come."

*Carbon taxes are destructive.

"Just three of various features which make our technology superior:

- our stack is operating at by far the highest current density in the market, which reduces material use, size and ultimately cost substantially.

- our technology has market-leading conversion efficiency at levelised current densities to any competitor, which reduces operational cost for the end customer.

- our technology has the lowest reported precious metal loading, which reduces cost and relieves potential future supply chain constraints.


We have effectively professionalised our engineering capabilities and processes. Following a structured design Failure Mode and Effects Analysis (FMEA), the engineering is now completed and frozen.

We have also made good progress on the way we manufacture our products following the design FMEA, our progress on automation. These improvements have already led to significantly higher pass rates in factory testing.

Working on improving our cost estimation, scheduling and risk management processes and capabilities. We are also continuing to enhance our competencies by hiring senior industry professionals in areas critical for project delivery.

Expansion of testing capacity at Bessemer Park, initially by 50% from 5.0 to 7.5 megavolt-amperes (MVA) which is already available. This will be followed by a further fourfold increase to 30 MVA by the end of 2024.

ITM Power Germany will officially open its doors in Linden, north of Frankfurt, in October 2023.

ITM have made good progress against their automation roadmap and are incrementally introducing automation in a controlled way, after new equipment and new processes have been validated. The automation roadmap foresees many further improvements, which will continue to drive down build time and improve build quality and consistency. As we continue to implement these advancements, we are entering a new era of manufacturing at ITM.

Outlook:

With vastly increased confidence with regards to our capability to deliver products at volume, we are now taking a much more active approach to sales. For this purpose, we are currently building up a new global business development function in our new Linden facilities of ITM Power Germany right in the heart of our core market, the EU.

CFO:

"Today, we are in a much better place. Our overheads have been right-sized for the business needs of today, we have greater clarity regarding our costs, and our balance sheet remains strong."


Revenue £5.2 m

Gross loss £(79.1) m

Pre-tax loss £(101.2) m

Adjusted EBITDA* (£94.2) m

Inventory (raw materials) £18.3 m

Inventory Work in progress (WIP) £40.5 m

Net cash £282.6 m

Total comprehensive loss for the year £101,041,000.

TOTAL EQUITY £295,508,000

Non-financial performance indicators: During the year, MW in WIP increased to 285MW (FY22: 75MW). Revenue was recognised against 5MW of deliveries (FY22: 11MW).


Operating costs rose by 20% to £26.2m (FY22: £21.8m). Within this, staff and employment costs rose from £4.3m to £11.4m, reflecting an increase in use of contractor resources and a reduction in recovery of labour costs from inventory. The headcount reduction which was announced in January 2023 was completed by the end of the period, and the benefit of this will be reflected in the FY24 accounts.

Government grants which constitute claims against individual projects or research and development (R&D) claims totalled £1.6m (FY22: £0.6m), with £1.4m receivable in relation to R&D tax reclaims (FY22: £0.3m).

Heads of Terms for the sale of Motive signed. The planned transaction will allow ITM to redirect £28m of pre-committed cash to our core business, and to focus on becoming a volume manufacturer of state-of-the-art electrolysers. Motive Fuels Ltd, via ITM, was the recipient of grant funding to support the rollout of refuelling stations in the UK. As part of the transaction, a contingent liability may materialise for ITM in the future against the performance obligations in the grants.

Outlook and financial guidance for FY24:

Revenue in the range of £10m to £18m,

Adjusted EBITDA loss of £45m to £55m.

Net cash at year end between £175m and £200m

Revenue will be largely impacted by sales of Plug & Play containers which have a shortened sales and deployment timeline compared to larger plant projects. Under our revenue recognition policy, there is a dependency on site readiness for our larger projects as these are recognised on site acceptance testing (SAT).

Investments of £24-30m will be made to expand our facilities in Sheffield as well as the previously announced upgrade to our power supply to support increased testing capacity. We will also invest into the development of our technology, supporting our automation roadmap which will drive efficiencies into our manufacturing processes.

Focused on: House in order - second half of 12 month plan, scaling with existing and new commercial projects, "unlocking new territories".


To me, at least, a lot of this is not surprising. I like ITM, a lot, and Dennis is showing himself to be most competent, but there is a lot which ITM Power have limited ability to control, but can be mitigated perhaps.

Will inflation keep rising or will it not? That is the serious question. What impact will it have? Can ITM Power weather the storm?

Macro worries.

Cool video:

gimmethefax
17/8/2023
20:21
Just caught up on today’s presentation.

When Dennis Schulz joined his credentials looked good for a more focussed approach to commercialisation, but I still wasn’t sure how quickly that would start to have a real impact.

The first thing I took from the presentation was the streamlining of products.

The second was the streamlining of processes and in particular the discipline of whenever a problem in production is now identified, they stop production, they identify the problem and only when they know they have fixed the problem will they restart production.

Later in the Q & A it was also clarified that if something had failed in a stack in production or factory testing before ever arriving on site, they don’t just get rid of the stack as there are a considerable number of components that can be reused.

It was the first time I had listened to Dennis Schulz, and I must admit, probably due to his accent, he initially seemed quite wooden in his delivery but as the presentation continued and particularly the Q & A, it became clear he is very focussed on transforming ITM into a commercially focussed organisation.

In the Q & A he emphasised the need to have very close working relationships with suppliers to be able to scale up without bottlenecks and for the immediate future because of that there shouldn’t be any bottlenecks with scaling up.

My own take is that Dennis Schulz has made quite a transformation in just 6 months, and yes it is going to take time to continue to scale up but it feels that we are now going in a much more commercially focused direction and the cash position both now and forecast for the end of 24 looks to be comfortable.

pj84
17/8/2023
18:01
Thought it was in the millions?
moontheloon
17/8/2023
17:22
So motive received a grant of £175k divide that by 2 = £87.5k Not a massive amount even if they have to pay it back.
grahamwales
17/8/2023
16:21
Fairly honest summing up.https://www.cityam.com/itm-power-troubled-hydrogen-specialist-hopes-to-win-over-shareholders-as-results-meet-expectations/
moontheloon
17/8/2023
16:07
Truly incredible
norbus
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