29th Jan 2015 16:31
LONDON (Alliance News) - ITM Power PLC Thursday said that trading has been much slower than anticipated, meaning that results for the full year will be "substantially lower" than market expectations.
In a statement, the energy storage and clean fuel company said its first-half pretax loss widened to GBP3.7 million in the six months ended October 31 last year, compared with a GBP3.3 million pretax loss in the corresponding period a year earlier.
However, the company said it has GBP8.76 million pounds of projects under contract and a further GBP2.61 million of contracts in final stages of negotiation.
"Whilst trading has been more difficult than anticipated this has still been a very productive period for us. ITM Power has now identified and optimised its key products, deployed reference plant in its key markets and is now selling large scale plant to major international companies," Graham Cooley, chief executive, said in a statement.
ITM Power shares were down 19% at 24.26 pence late Thursday.
By Samuel Agini; [email protected]; @samuelagini
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