REG - ITM Power PLC - Trading Update

ITM PowerAnnouncement

04/12/2023 07:00

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RNS Number : 4827V  ITM Power PLC  04 December 2023

4 December 2023

 

ITM Power PLC

 

Trading Update

 

Ahead of our interim results which are due to be released on 31 January 2024,
we are pleased to provide a summary of our financial performance for the 6
months to 31 October 2023.

In summary, the expected unaudited financial results for the half year are as
follows:

·    Revenue of £7.5m (well on track for full year guidance of £10-18m)

·    Adjusted EBITDA loss between £22-23.5m (trending well against lower
end of full year guidance of £45-55m)

·    Net cash at the end of the first half of the year of £253.7m
(against full year guidance of £175-200m), with an outflow in H1 of £28.8m,
already reflecting the early effects of the significant progress against our
12-month plan in H1.

Given this reassuring performance we confirm our full year guidance.

Dennis Schulz, CEO ITM, said: "We have been making substantial progress
against our 12-month plan, which aimed at providing ITM a strong foundation to
build on. The first 6 months of the financial year from May to October already
paint the early picture of a new ITM, surpassing the full year revenue of each
of the last two years by about 50% in just the first half of this year. We are
pleased with the improvements achieved across all areas of the company, many
of which have a positive effect on how we manage cash and scrutinise capital
spend. We look forward to providing a detailed update on our 12-month plan
which is nearing successful on-time completion in January, and to giving
insight into our longer term strategic priorities at the time of our interim
results."

For further information please visit www.itm-power.com
(http://www.itm-power.com/)  or contact:

 

 ITM Power PLC
 Justin Scarborough, Head of Investor Relations    +44 (0)114 551 1080

 James Collins, Head of Corporate Affairs          +44 (0)114 551 1205

 Investec Bank plc (Nominated Adviser and Broker)  +44 (0)20 7597 5970
 James Rudd / Chris Sim / Ben Griffiths

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market
of the London

Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs
and manufactures

electrolysers based on proton exchange membrane (PEM) technology to produce
green hydrogen, the only net zero energy gas, using renewable electricity and
water.

 

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