ITM Power reports “positive trading” update as pipeline increases to £34.3m
ITM Power, the Sheffield-based energy storage and clean fuel company, expects “significant financial progress” for the current financial year ending 30 April 2019.
Providing a trading update, the company said that revenue is expected to be weighted towards the second half of the year and underlying performance of project delivery remains on track.
ITM has reported a current financial position of £16.9m of cash and £1.7m of cash on guarantee. Debtors less creditors stand at £8.4m, making a total of cash and cash receivables of £27.0m.
The company currently has £27.6m under contract and a further £6.7m in the final stages of negotiation, constituting a total pipeline of £34.3m, representing an increase of £3.7m since the full year results announced on 13 August.
The non-contracted tender opportunity pipeline currently stands at £200m.
The planned move to the new 11,610 sq m floor space factory is also progressing. The company has designed a new manufacturing process, designed a new factory layout, completed all of the drawings of the factory, the technology centre and the offices and applied for planning consent.
The consenting process has also included a traffic survey and full environmental impact survey. Terms are expected to be signed in Q1 2019.
The new factory will be commissioned and run in parallel with the existing factory until the lease runs out at the existing Atlas Way site in 2021.
ITM has also appointed a number of senior managers. Nicola Ham Edmonds has been appointed as head of legal. Edmonds has some 15 years of experience within in-house legal teams including Bombardier Transportation and the Royal Mail.
Robert Crawford has been appointed as quality and health and safety manager with over 20 years’ experience in the electronics, aerospace, automotive, renewable energy and petrochemical sectors.
Mark Theaker joins the company as head of procurement with experience gained at Tata Steel, Tarmac, National Grid and EDF Energy.
Dr Graham Cooley, CEO of ITM Power plc, said: “ITM Power is in good shape – financially and operationally – and I hope this positive trading and pipeline update demonstrates this to shareholders.
“We are making good progress with the new factory, with the delivery of key multi megawatt reference projects and we have made a number of high-quality appointments to strengthen the team for further growth. Our business is performing well and we look forward to reporting more important new contracts in the near future.”
