ITM Power (ITM)

Sector:

Energy Producers

Index:

FTSE AIM 50

53.72p
   
  • Change Today:
    -0.12p
  • 52 Week High: 98.58
  • 52 Week Low: 45.12
  • Currency: UK Pounds
  • Shares Issued: 616.88m
  • Volume: 1,087,289
  • Market Cap: £331.39m
  • RiskGrade: 405

ITM expects losses to widen, shares fall

By Abigail Townsend

Date: Thursday 09 Jun 2022

LONDON (ShareCast) - (Sharecast News) - ITM Power said annual losses were set to widen significantly after the green energy specialist increased investment across the business.
The AIM-listed firm said adjusted earnings before interest, tax, depreciation and amortisation were expected to be around £36.5m in the year to 30 April, compared to last year's losses of £21.4m. It noted that EBITDA had been impacted by a £7m investment in training and recruitment, and £14m in project delivery and ramp up costs.

Revenues, meanwhile, are expected to come in at £5.5m compared to £4.3m a year previously. Around £11m of revenue from one contract will now be recognised in the 2023 full year, ITM added.

Shares in the firm, a specialist in energy storage and clean fuel, fell sharply on the update. As at 1130 BST, they were off 12% at 254.47p.

Graham Cooley, chief executive, said: "Over the past year, ITM Power has laid the foundations, financially and operationally, to scale our production capacity which will play a critical role in decarbonising economies.

"Russia's invasion of Ukraine has accelerated the intent of many countries to increase energy and food security, with a specific focus on green hydrogen. We believe we can gain a material share of these global markets as a result of our experience, expertise, partnerships and capacity."

The group also said it had a "record backlog" of work, which stood at 755 mw as at the start of June, a 53% increase since the start of the year. Year-on-year, the backlog is 160% higher. Of that, 75 mw is contracted, 342 is in negotiation and 338 mw is preferred supplier.

The company will announce final results on 8 August.

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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 53.72p
Change Today -0.12p
% Change -0.22 %
52 Week High 98.58
52 Week Low 45.12
Volume 1,087,289
Shares Issued 616.88m
Market Cap £331.39m
RiskGrade 405

ITM Power Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
0.66% below the market average0.66% below the market average0.66% below the market average0.66% below the market average0.66% below 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
71.77% below the market average71.77% below the market average71.77% below the market average71.77% below the market average71.77% below the market average
27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average
Income Not Available
Growth
32.10% above the market average32.10% above the market average32.10% above the market average32.10% above the market average32.10% above the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average

What The Brokers Say

Strong Buy 4
Buy 5
Neutral 6
Sell 5
Strong Sell 0
Total 20
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 28-Mar-2024

Time Volume / Share Price
16:35 194,589 @ 53.72p
16:35 126 @ 53.72p
16:35 1,457 @ 53.72p
16:35 550 @ 53.72p
16:35 1,488 @ 53.72p

ITM Power Key Personnel

Finance Director Andy Allen

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