ITM Power (ITM)

Sector:

Energy Producers

Index:

FTSE AIM 50

51.40p
   
  • Change Today:
      0.15p
  • 52 Week High: 98.58
  • 52 Week Low: 45.12
  • Currency: UK Pounds
  • Shares Issued: 616.88m
  • Volume: 297,519
  • Market Cap: £317.08m
  • RiskGrade: 405

ITM Power improves guidance after solid first half

By Benjamin Chiou

Date: Wednesday 31 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Shares in ITM Power surged on Wednesday after the energy storage and clean fuel company impressed with its interim results and improved its full-year guidance.
ITM said that its performance over the six months to 31 October brings it "one step closer to becoming a profitable company in the future".

Revenues jumped to £8.9m, from £2.0m the year before, driven mainly by product and service revenue from cube deliveries to Germany, and a number of units of NEPTUNE, ITM's fully autonomous, plug and play electrolyser system.

The result was also ahead of the £7.5m guided to in a trading update last month after the company concluded a commercial discussion with a customer earlier than expected.



Meanwhile the adjusted EBITDA loss shrunk to £21.0m from £54.1m.

ITM also announced it has successfully completed its 12-month restructuring plan which has "made ITM a stronger, more focussed, and more capable company".

The plan was based on the following three targets: narrowing the product portfolio for standardisation and volume manufacturing; having greater capital discipline, cost reduction, and improved processes; and "debottlenecking" manufacturing and testing, and increasing automation.

"I am pleased to report that we have completed the implementation of our 12-month plan on time. The first half of the financial year already paints the early picture of a new ITM, which starts to be reflected in our improved financial results," said chief executive Dennis Schulz.

Looking ahead, ITM held on to its full-year revenue guidance of £10-18m, but has positively narrowed its adjusted EBITDA loss forecasts to £45-50m, from £45-55m previously, while net cash at year end is expected to be in the range of £200-220m, up from an earlier target of £175-200m.

The stock was up nearly 11% at 53.05p by 0854 GMT.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ITM Power Market Data

Currency UK Pounds
Share Price 51.40p
Change Today 0.15p
% Change 0.29 %
52 Week High 98.58
52 Week Low 45.12
Volume 297,519
Shares Issued 616.88m
Market Cap £317.08m
RiskGrade 405

ITM Power Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
2.31% above the market average2.31% above the market average2.31% above the market average2.31% above the market average2.31% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Price Trend
75.7% below the market average75.7% below the market average75.7% below the market average75.7% below the market average75.7% below the market average
45.45% below the sector average45.45% below the sector average45.45% below the sector average45.45% below the sector average45.45% below the sector average
Income Not Available
Growth
32.25% above the market average32.25% above the market average32.25% above the market average32.25% above the market average32.25% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average

What The Brokers Say

Strong Buy 5
Buy 4
Neutral 5
Sell 5
Strong Sell 0
Total 19
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ITM Power Dividends

No dividends found

Trades for 23-Apr-2024

Time Volume / Share Price
10:48 9,000 @ 51.69p
10:36 90 @ 51.40p
10:33 6 @ 51.35p
10:22 3,559 @ 51.48p
10:18 193 @ 51.75p

ITM Power Key Personnel

Finance Director Andy Allen

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