13th Aug 2018 10:05
LONDON (Alliance News) - Clean fuel firm ITM Power PLC said on Monday its loss widened in its recently ended financial year due to higher expenses despite double-digit growth in revenue.
For the year to the end of April, ITM Power's pretax loss widened to GBP6.5 million from GBP3.6 million the year before, due to a rise in administration expenses to GBP3.1 million from GBP2.2 million, as well as prototype production and engineering costs to GBP4.1 million and GBP2.6 million.
This was in spite of revenue growing to GBP3.3 million from GBP2.4 million the prior year, coming from product revenue growth by 36%.
Although grant income dipped to GBP4.1 million from GBP4.2 million, there was a sharp rise in grants receivable for capital projects to GBP6.7 million from GBP2.7 million.
Total revenue and grant funding rose by 53% to GBP14.1 million from GBP9.2 million the year before as a result.
ITM Power currently has GBP24.1 million in sales under contract and a further GBP6.5 million in the final stages of negotiation, bringing the total pipeline to GBP30.6 million, with GBP9.7 million recognised as income in the second half of the year.
"With revenue increasing by 53%, the company has been focussed on the expansion of staff and the planning of the new, larger production facilities. We've also been learning how to maximise a growing portfolio of revenue generating assets in the shape of the first real hydrogen refuelling network in the UK," said Chief Executive Officer Graham Cooley.
"Finally, Power-to-Gas is now demonstrating real traction around the world, and we remain very well placed to benefit from this development with our long-running reference plant in Germany," Cooley added.
Shares in ITM Power were up 0.9% at 30.51 pence on Monday.
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