24th Jun 2016 15:25
LONDON (Alliance News) - ITM Power PLC, the AIM-listed energy storage and clean fuel company, on Friday adjusted its sales pipeline to account for the "potential impact" of the UK's decision to vote to leave the European Union, as it sought to reassure investors over forecasts.
"To reflect the increased risk associated with items in the final stages of negotiation and not yet contracted, ITM Power has revised its pipeline figure, removing GBP3.47 million from the items in the final stages of negotiation. This means that the company currently has GBP17.67 million of projects under contract and a further GBP1.18 million of contracts in the final stages of negotiation constituting a total pipeline of GBP18.85 million," ITM said in a statement.
The resultant reduction in the sales pipeline is not expected to impact the company's expectations for the year ending April 2017, ITM said.
ITM Power also noted that the pipeline is reliant on deals placed in currencies other than the pound, and that greater currency volatility could impact the contract pipeline in the near term.
Shares in ITM were down 5.9% at 16.00 pence late Friday.
By Samuel Agini; [email protected]; @samuelagini
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