Threefold increase in revenue at clean energy company

Sheffield-headquartered energy storage and clean fuel company, ITM Power, says it has halved its losses as it publishes a summary of its financial performance for the 12 months ending 30 April 2024.

The business’s preliminary results are due to be released on 15 August 2024,

Its expected financial results – subject to audit – for the year are as follows:

·    Revenue is expected to be in the range of £16m to £16.5m, within the £10m to £18m guidance range and more than a threefold increase compared to the prior year

·    Adjusted EBITDA loss is between £39m to £44m, 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 “stringent” cost and capital disciplines.

Dennis Schulz, CEO, 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.”