ITM Power trims pre-tax loss
A GROWING acknowledgement for the importance of hydrogen for future energy markets has helped ITM Power decrease its pre-tax loss.
The Sheffield-based energy storage and clean fuel company has today announced its final results for the year ended April 30 2013 and said that the measure it focuses is sales pipeline, which stood at £0.9m (2012: £66,000).
Pre-tax loss for the year decreased to £6.17m (2012: £6.47m).
Revenue took a significant hit at £87,000, compared to £480,000 last year. ITM Power said this decrease represents delays experienced in commissioning and deployment of products at customer premises. It also said that “while revenue volatility will decrease as the business matures and grows, it may well be a feature of the start of the growth curves for the refuelling and power-to-gas markets”.
ITM Power reported a “strong and growing” quotation pipeline and said it has secured £3.7m of grant awards, with another £3.5m subject to contract.
It also announced it has raised £2,000,000 before expenses by way of an issue of 5,714,286 new ordinary shares of 5 pence each at a placing price of 35 pence per share.
ITM Power’s chairman, Professor Roger Putnam, said: “This year has seen clear and accelerating momentum within the industry. I do not doubt that ITM Power is well positioned to address the sizeable commercial opportunities within the energy storage and clean fuel generation from renewable power markets.”
The directors said they believe the business is well placed to deliver long-term growth from the development of two main sectors – energy storage and clean fuel.
Mr Putnam said that during the year under review, there has been increasing acknowledgement of the importance of hydrogen for future energy markets.
He said: “Major national initiatives to adopt hydrogen technologies, sponsored at the highest political level, are now regular events. ITM Power has developed close relationships with large multinational companies, as well as with the governments of the pioneer countries as a result of these initiatives. Consequently, we are very well placed to offer our expertise and products and are increasingly being consulted as a leading expert in energy storage solutions and clean fuel.
“Our expertise, the excellence of our products and our strong relationships have allowed us to take part in various initiatives around the world as energy storage and clean fuel generation from renewable power continue to grow in importance.”
Chief executive Dr Graham Cooley said: “ITM Power has secured a key sale of its headline products – the energy storage sale in Germany and is the preferred supplier for the supply of a refuelling station in California. These are significant milestones in the company’s development and demonstrate the commerciality of these two products and markets.”
