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ITM Power CEO says company "in the right place at the right time” as it delivers strong trading update

Graham Cooley told investors: “Total recognised revenue, our contracts backlog and quotations against tenders are all showing strong growth and the world outlook for green hydrogen demand and electrolysers is very encouraging"

clean energy storage unit
Pictured is one of ITM's clean energy storage units

ITM Power PLC (LON:ITM) “is undoubtedly in the right place at the right time”, chief executive Graham Cooley told investors as the energy storage and clean fuel company provided an upbeat assessment of current trading and prospects.

In the update, the company said it had seen a significant increase in completed projects in the second half of the year to April 30, which means the group is expected to book total income of around £17mln, up 20% year-on-year. The underlying (EBITDA) loss of £6.7mln was in line with forecasts.

READ: Climate report augurs well for hydrogen trailblazers

The firm's total financial assets at the period-end were £19.8mln, made up of £5.2mln of cash, £1.7mln of cash on guarantee and deployed working capital (debtors less creditors) of £12.9mln.

ITM said its “contracts backlog” stands at a record £45.1mln, an increase of 26% since February. The tender opportunity pipeline, meanwhile, is up to £330mln, another record. It comprises 46 active commercial tender responses over the last 12 months with an average project size of £7.2mln - up from £6.5mln and reflecting strong industrial demand for larger systems.

Attractive products 

“This trading and pipeline update demonstrates the attractiveness of our products around the world and the hard work of our team,” said CEO Cooley.

“Total recognised revenue, our contracts backlog and quotations against tenders are all showing strong growth and the world outlook for green hydrogen demand and electrolysers is very encouraging."

ITM has developed and commercialised a cutting-edge power to gas storage technology, which also helps create hydrogen refuelling stations being rolled out by petrol and diesel retailers such as Shell.

Demand for its product is strong, particularly electrolysers, with some large international projects paving the way for what ITM does. Public and political opinion, meanwhile, appears to be behind renewable companies such as ITM, with focus on finding the best ways to optimise green electricity sources such as wind.

In early morning trading, ITM Power shares were 1.5% higher at 32/50p.

 -- Adds share price --

Quick facts: ITM Power PLC

Price: 58.6 GBX

AIM:ITM
Market: AIM
Market Cap: £276.98 m
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