ITM Power PLC (AIM:ITM) shares climbed 21% in early trading on Tuesday after the company raised its revenue guidance and reported that it had been cash generative in the second half of the financial year.
The hydrogen energy group said it now expects revenue for the year ending 30 April 2025 to reach between £25.5 million and £26.5 million, representing a 30% increase on the midpoint of its previous forecast.
The company also said it expects to end the financial year with cash of between £204 million and £205 million, above its half-year figure of £203 million and ahead of earlier guidance.
Chief executive Dennis Schulz said the business had delivered strong revenue while maintaining tight control over costs and capital spending. He added that ITM’s strong balance sheet gave it an advantage over peers, and that its contract backlog and pipeline had continued to grow.
The shares rose 6.15p to 35p.