Productive period for ITM
ITM Power has enjoyed a “productive” period with a rise in revenue, despite increasing losses.
The Sheffield-based energy storage and clean fuel company saw total revenue and grant funding secured rise to £3.1m (2013: £1.4m) up 114% in the year ended in April. This comprised revenue of £1.127m, up £1.040m.
The company currently has £6.550m of projects under contract and one of the highlights of the year included Thüga Group’s Power-to-Gas plant officially commissioned and operational.
However, pre-tax losses increased to £7.950m (2013: £6.170m). ITM said the loss can be attributed to three major factors – the losses incurred in delivering the Thüga unit to demanding timescales, the increase in business development activity and provisions for contracts and stock that are considered to have lower net realisable values than their purchase price. The cash burn increase is a result of similar factors, with the increase in components held being the other driver for this.
Graham Cooley, CEO, said: “This has been a very productive period for us with solid progress in technology, sales, partnerships and project income. We built, CE marked, commissioned and consented the world’s largest PEM electrolyser and have proved the company’s technology and project management ability. We now have a major reference plant with the Thüga Group, the largest utility grouping in the world. This solid progress directly reflects the achievements of our highly talented team.”
Roger Putnam, chairman, added: “Our staff, through their hard work and dedication, have developed ITM Power’s technology platforms into a broad product offering. ITM Power is today firmly established as a world leader in PEM electrolysis.”
