8th Jan 2019 09:44
LONDON (Alliance News) - ITM Power PLC on Tuesday reported a widened loss in the first half of its financial year but said it looks forward to a busy period ahead.
Shares in the hydrogen energy solutions manufacturer were trading down 14% at 25.50 pence each.
For the six months to October 31, the company's pretax loss amounted to GBP5.3 million compared to GBP2.9 million a year ago, higher than what the company had previously anticipated due to project costs and investment in people, resources and capacity.
Revenue dipped to GBP1.2 million from GBP1.7 million a year ago but it continues to be expected to be weighted towards the second half of the year with an increased value of contracts expected.
The company, during the half, received GBP3.8 million in grant income and receivables for the delivery of its projects compared to GBP2.7 million a year ago.
Chairman Roger Putnam said: "The board is pleased with the significant progress that has been achieved over the last six months. Deploying increasing numbers of megawatt scale equipment in challenging industrial environments has certainly proved the company's credentials to many industrial partners and we look forward to a very busy second half."
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