Shares in ITM Power PLC (AIM:ITM) rose 8% to 31.08p on Tuesday after the hydrogen technology group lifted its revenue forecast for the year — a rare upside surprise that analysts say strengthens its recovery story.
The Sheffield-based company, which develops electrolyser systems for green hydrogen production, now expects full-year revenue to come in between £25.5m and £26.5m.
That’s a 30% jump on previous guidance, driven by additional customer commitments and revenue being recognised sooner than expected.
Peel Hunt, which reiterated its 'buy' rating and 70p price target, said the revised cash guidance suggests a more stable balance sheet. That translates to roughly 33p per share in net cash.
While losses are expected, the brokerage noted that much of this reflects legacy contracts rather than current trading.