ITM narrows pretax losses as international presence grows

A SIGNIFICANT upturn in the market has meant that Sheffield’s ITM Power is seeing more orders and capitalising on its expansion abroad.

The firm has developed strong relationships in California through its US-based subsidiary and are on track for their second unit designed for the state.

Revenue was up to £1.64m from £1.127m in 2014 and loss before tax narrowed from £7.98m to £5.72m this year.

The firm also received a £4.9m injection from J.C.B. Research and Valebond Consultant.

Chief executive Graham Cooley said: “This has been a very busy time for the Company. Customer engagement with our products is at an all-time high.

“The project and quotation pipeline as a result has been steadily growing in our target applications of energy storage and hydrogen fuel.

“ITM Power enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refuelling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of on-site hydrogen production and refuelling stations.

“This continued progress is a reflection of the skill and commitment of our highly talented team.”

Chairman Roger Putnam said: “ITM Power is now in a position where it can focus on delivering our leading refuelling and energy storage products to more and more customers around the world, and this is in no small part down to the dedication of the staff over the last year.”