6 June 2024
ITM Power
PLC
Trading Update: EBITDA and net cash
ahead of guidance
Ahead of our preliminary results, which are due
to be released on 15 August 2024, we are pleased to provide a
summary of our financial performance for the 12 months ending 30
April 2024.
In summary, the expected financial results,
subject to audit, for the year are as follows:
·
Revenue expected to be in the range of £16.0m to £16.5m,
within the £10m to £18m guidance range and more than a threefold
increase compared to the prior year
·
Adjusted EBITDA loss between £39.0m to £44.0m, better than
the guidance of £45m to £50m, and a year-on-year reduction of more
than 50%
· Net
cash at the year-end of £230m, ahead of the guidance range of £200m
to £220m and reflecting the stringent cost and capital disciplines
now embedded in the DNA of the company
Dennis Schulz, CEO of ITM, said: "During the
year, we completed our 12-month plan, transforming ITM into a
credible delivery organisation, and we have attained a positive
operating rhythm of deploying products to our customers. We grew
revenue more than threefold and halved our losses, and in line with
our strategic priorities, we managed our cash carefully. I am
pleased with our progress, and look forward to providing further
details, including guidance for the current year, at the time of
our preliminary results announcement in August."
For further information please
visit www.itm-power.com or contact:
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ITM
Power PLC
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Justin Scarborough, Head of Investor
Relations
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+44 (0)114 551 1080
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Investec Bank plc (Nominated Adviser and
Broker)
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+44 (0)20 7597 5970
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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.
-ends-