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ITM Power sees strong growth in new orders and tender pipeline in financial year

The AIM-listed hydrogen energy company said in a trading update that its overall deal pipeline stood at £39mln, an increase of around 42% since June 2017
Hydrogen fuel
The group's tender opportunity pipeline had grown to over £250mln from £200mln in January

ITM Power plc (LON:ITM) saw strong growth in its orders and tender opportunity pipelines in the latest financial year.

The AIM-listed hydrogen energy company said in a trading update that its overall deal pipeline stood at £39mln, an increase of around 42% since June 2017 after recognising £10.4mln as income in the period.

READ: ITM Power CFO to join board as finance director

The group added that its tender opportunity pipeline had grown to over £250mln from £200mln in January and was spread across the three sectors of fuel, power to gas, and renewable energy.

In more general trading, the group said it expected total income for the latest financial year to be around £14mln, with a cash loss of around £5mln due to higher than expected costs following several one-off actors such as recruitment costs, higher factory testing costs, and first-of-a-kind plant equipment delivered.

ITM maintained that it still had a strong balance sheet with a year-end cash position of around £22mln and a positive working capital position of around £8mln.

The group will release its final results for the year ended 30 April 2018 in late July.

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