14th Jun 2018 12:40
LONDON (Alliance News) - ITM Power PLC on Thursday said it expects revenue to have grown dramatically in its most recently ended financial year but said its loss will have widened due to three one-off charges.
The hydrogen energy solutions firm estimates income in the year to the end of April totalled GBP14.0 million as it has delivered its contracted pipeline of orders. In the prior year, the company posted revenue of GBP2.4 million.
However, the company said its cash loss was higher year-on-year, at GBP5.0 million compared with GBP3.6 million, due to the three largely one-off factors.
ITM Power recorded an increase in fees related to the recruitment of additional project-delivery personnel, as well as higher factory testing costs for larger-scale equipment. In addition, the cited the cost of the amount of "first-of-a-kind plant" that was delivered to customers in the recent year.
Despite that, the company said it remains in a strong financial position with GBP22.0 million in cash and a positive working capital position of GBP8.0 million.
During the year, the company received new orders worth GBP21.9 million, it said.
Looking ahead, ITM Power said it has an overall deal pipeline of GBP39.0 million for the year to date, of which GBP33.5 million is under contract and GBP5.5 million is in the final stages of negotiation. This represents a 42% increase since June last year, the company said.
The stock was trading 5.6% lower at 31.00 pence per share on Thursday.
Related Shares:
Itm Power