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 £7.5m (well on track for full year guidance of £10-18m)
· Adjusted EBITDA loss between £22-23.5m (trending well against lower end of full year guidance of £45-55m)
· Net cash at the end of the first half of the year of £253.7m (against full year guidance of £175-200m), with an outflow in H1 of £28.8m, 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 |
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Justin Scarborough, Head of Investor Relations James Collins, Head of Corporate Affairs |
+44 (0)114 551 1080 +44 (0)114 551 1205 |
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Investec Bank plc (Nominated Adviser and Broker) |
+44 (0)20 7597 5970 |
James Rudd / Chris Sim / Ben Griffiths |
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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.
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