LONDON (ShareCast) - (Sharecast News) - Hydrogen energy solutions manufacturer ITM Power said on Monday that full-year underlying losses had widened despite a jump in annual revenues.
ITM Power posted a 30% jump in full-year revenues to £4.3m but said its annual LBITDA had widened 18% to £21.4m despite growing government interest in hydrogen power on the back of reports highlighting the macro market demand for hydrogen, with the International Energy Agency stating that to acheive net-zero by 2050 the globe would require 322.0m tonnes of electrolytic hydrogen and a global electrolyser capacity of 3,585 gigawatts.

The AIM-listed firm said losses from operations were narrowed 9% to £26.7m and its available cash balance soared from £39.9m to £176.1m thanks to its recent £172.0m fundraiser.

ITM Power also stated work in progress had surged 125% to £36.0m, while its contracts backlog was up 44% at £171.0m and its tender pipeline was 94% higher at £378.0m.

Chief executive Graham Cooley said: "2021 has been another transformational year for ITM Power. We attracted a strategic investor in Snam SpA, and through our fund raise in October 2020 developed a platform to deliver to market our next generation product, the 5mw Gigastack, two years earlier than previously planned.

"We have seen national commitments to net-zero accelerate, and I believe we are very well placed, with our partner Linde, to address the rapidly growing demand in the market."

As of 1040 BST, ITM Power shares were down 10.01% at 421.34p.

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