IDA Idatech

 

TIDMIDA 
 
RNS Number : 4378K 
IdaTech PLC 
20 April 2010 
 

For Immediate Release 
                                   20 April 2010 
 
 
 
 
                                 Trading Update 
 
                          ("IdaTech" or "the Company") 
 
IdaTech plc (AIM: IDA) a global leader in the development and manufacture of 
clean and reliable PEM fuel cell products for critical backup power markets 
today provides the following trading update. 
 
The Company advises a downward revision to its revenue expectations for 2010, 
while maintaining its current year guidance on unit sales, gross margin, 
operating profit cash usage and net debt expectations. 
 
The reduction in revenue outlook has occurred primarily due to a requirement by 
an Indian telecommunications company, BSNL, to re-tender a multi- billion dollar 
infrastructure programme,  into which IdaTech expected to sell several hundred 
systems this year.  The Company does not expect to make up that volume between 
now and the end of the year.  In addition, the product mix is likely to be more 
skewed towards basic hydrogen units than anticipated, which sell for lower 
overall price.  Importantly, these hydrogen units are producing a positive 
contribution margin and IdaTech has found them useful to help prime the adoption 
rate for its reformed fuel cell products.  Outside the BSNL tender, the Company 
continues to see growing demand and adoption for its products in its core 
geographies. 
 
IdaTech is highly focused on completing the development of its next generation 
methanol fueled backup power product.  This product offers increased performance 
at a cost that can profitably compete with diesel generators.  The Company 
maintains its guidance for launching that product in the second half of 2010. 
 
For further information please contact: 
 
+----------------------------------+----------------------------+ 
| IdaTech plc                      |            +1 541 383 3390 | 
+----------------------------------+----------------------------+ 
| Harol Koyama, Chief Executive    |                            | 
| Officer                          |                            | 
+----------------------------------+----------------------------+ 
| James Cooke, Chief Financial     |                            | 
| Officer                          |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
| Numis Securities Limited         |            +44 (0) 20 7260 | 
|                                  |                       1000 | 
+----------------------------------+----------------------------+ 
| Michael Meade                    |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
| Buchanan Communications          |       +44 (0) 20 7466 5000 | 
+----------------------------------+----------------------------+ 
| Charles Ryland / Catherine Breen |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTLKLLFBZFZBBB 
 

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