(Alliance News) - ITM Power PLC on Thursday said the company expects to report improved financial results in its upcoming full-year earnings report.
The Sheffield, England-based company is a designer and manufacturer of electrolyser systems for green hydrogen production.
For the year ended April 30, revenue is expected to be in the range of GBP16.0 million to GBP16.5 million, within the guidance range of GBP10 million to GBP18 million, and ahead of GBP5.2 million reported the year prior.
Adjusted earnings before interest, taxes, depreciation, and amortisation loss between GBP39.0 million and GBP44.0 million is anticipated, improving from guidance of GBP45 million to GBP50 million, and reducing year-on-year from a GBP94.2 million loss.
Net cash at year-end stood at GBP230 million, exceeding guidance of GBP200 million to GBP220 million.
Chief Executive Officer Dennis Schulz said: "During the year, we completed our 12-month plan, transforming ITM into a credible delivery organisation, and we have attained a positive operating rhythm of deploying products to our customers. We grew revenue more than threefold and halved our losses, and in line with our strategic priorities, we managed our cash carefully."
Preliminary full-year results are due to be released August 15.
ITM shares were up 1.3% to 64.43 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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Itm Power (ITM)