30th Jul 2014 12:16
LONDON (Alliance News) - ITM Power PLC Wednesday said its pretax loss widened in its full-year as higher revenues were hit by increased costs partly due to the ramp up of its Thüga operations.
The energy storage and clean fuel energy company said its pretax loss widened to GBP7.9 million for the twelve months ended April 30 from GBP6.2 million the previous year.
The company said its revenues increased to GBP1.1 million from GBP87,000 the previous year as the company ramped up operations and signed new contracts but its cost of sales increased to GBP2.0 million from GBP138,000.
ITM Power said its losses, along with increased cash burn figures, can be attributed to three major factors - losses incurred in delivering its new 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.
Thüga Group is the company's German subsidiary, with a power-to-gas plant providing electrolytically-generated hydrogen into the country's distribution network.
The company said it has a total of GBP6.6 million worth of projects under contract and after securing a further GBP1.3 million in products since the end of its year.
ITM Power shares were down 6.3% to 27.05 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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