ITM Power PLC Trading Update (2548B)
June 01 2023 - 2:00AM
UK Regulatory
TIDMITM
RNS Number : 2548B
ITM Power PLC
01 June 2023
1 June 2023
ITM Power PLC
Trading Update
Ahead of our final results which are due to be released on 27
July 2023, we are pleased to provide a summary of our financial
performance for the 12 months to 30 April 2023.
In summary, the expected unaudited financial results are as
follows:
-- Revenue ahead of the GBP2m guidance
-- Adjusted EBITDA loss of between GBP90m to GBP95m, within the GBP85m to GBP95m guidance
-- Net cash at the year-end of GBP281m, ahead of the GBP245m to GBP270m guidance
Guidance versus company-compiled consensus, which has been
gathered from the investment banks that have updated their
forecasts since our interim results in January, shows the
following:
-- Revenue of GBP2m
-- Adjusted EBITDA loss of GBP90m
-- Net cash at the year-end of GBP253m
Dennis Schulz said : "We are pleased with the progress made so
far against our 12-month plan laid out in January, which aims to
transform ITM Power into a highly focussed delivery organisation
with volume manufacturing capabilities. Focus areas are
concentrating on a core product suite, reducing cash burn, and
de-bottlenecking fabrication and testing. Recently announced
milestones such as the 300% planned increase in power supply to
30MVA and the decision to expand our facilities at Bessemer Park
are tangible signs of progress.
We have made significant progress on organisational refinement,
improving engineering and product robustness. We have shipped
products to our customers, including the cubes and stacks for RWE's
4MW project in Lingen, Germany, which marks the first deployment of
our newest state-of-the-art 30 bar MEP stack platform and therefore
another important milestone for us.
I am particularly delighted to see our intense efforts to slow
down cash consumption already proving to be effective in such a
short space of time. We will provide an update on the 12-month plan
alongside our final results in July."
For further information please visit www.itm-power.com or
contact:
ITM Power PLC
James Collins, Investor Relations +44 (0)114 551 1205
Justin Scarborough, Investor Relations +44 (0)114 551 1080
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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