30th May 2019 13:51
LONDON (Alliance News) - ITM Power PLC on Thursday said it expects to post a widened loss compared to previous year, in line with management expectations.
The energy storage firm said that, for the year to April 30, loss before interest, taxes, depreciation and amortisation is expected at GBP6.7 million, widened from GBP4.9 million a year ago.
Revenue, meanwhile, will increase to GBP17 million from GBP14.1 million due to the delivery of completed projects in the second half.
The company said that its contracts backlog currently stands at a "record level" of GBP45.1 million, a 26% increase since February. This includes GBP29.0 million of projects under contract and a further GBP16.1 million of awards in the final stages of negotiation.
"ITM Power is undoubtedly in the right place at the right time. This trading and pipeline update demonstrates the attractiveness of our products around the world and the hard work of our team," Chief Executive Officer Graham Cooley said.
"Total recognised revenue, our contracts backlog and quotations against tenders are all showing strong growth and the world outlook for green hydrogen demand and electrolysers is very encouraging," Cooley added.
ITM shares were trading 6.3% higher at 34.00 pence each on Thursday.
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