Increased revenues and reduced losses at clean energy firm
Sheffield-headquartered energy storage and clean fuel company, ITM Power, says it has successfully turned itself into a “credible delivery organisation” as it issues its preliminary results for the 12 months to 30 April 2024.
It has achieved revenues of £16.5m (FY23: £5.2m) in line with the £10m to £18m guidance, a more than threefold increase year-on-year. Pre-tax losses have narrowed to £27.1m (FY23: £101.2m).
The business also reported an adjusted EBITDA loss of £30.4m (FY23: £94.2m) well ahead of the £45m to £50m guidance, and reduced to less than one third of the previous year.
CEO Dennis Schulz said: “Today, we have a focused and highly competitive portfolio of products, all utilising the same market-leading stack technology which we can deploy into projects of any size and into almost every region of the world.
“We also have achieved a shift in culture of doing things right the first time, and prioritising quality over quantity, which is becoming increasingly evident in our day-to-day operations.
“As a result, EBITDA losses in the financial year decreased to one third of the previous year, whilst we were able to grow revenues threefold.
“ITM is significantly more capable than the company has ever been. We have gained control over what we can control. Our path to profitability is no longer a question of capability, but now a question of volume of customer orders.”
The company says its product portfolio has been narrowed for standardisation and volume manufacturing.
It adds that it is starting the new financial year in a robust position, and with a sales pipeline that has grown very strongly.
The business anticipates revenue for FY25 of between £18m and £22m and an adjusted EBITDA loss in the range of £35m to £40m.
