ITM Power, a clean-fuel and energy-storage company based in the UK, has announced its full-year financial results. Despite a widening pretax loss and a decrease in revenue, the company remains optimistic about the future, with expectations of increased revenue and narrowed losses in the upcoming fiscal year.
For the year ended April 30, ITM Power reported a pretax loss of £101.2 million, compared to a loss of £46.7 million the previous year. Revenue slipped to £5.2 million from £5.6 million, although it exceeded the company's guidance of £2 million. This outperformance was attributed to effective cash control measures implemented in the second half of the year as part of ITM Power's 12-month plan.
Looking ahead, ITM Power foresees a significant improvement in revenue. The company expects revenue from commercial projects to range between £10 million and £18 million in fiscal 2024. Furthermore, it anticipates an improvement in adjusted losses before interest, taxes, depreciation, and amortization, ranging from £45 million to £55 million in fiscal 2023. This positive outlook is supported by expected growth in output and sales.
Chair Roger Bone expressed confidence in the company's position to seize opportunities in the green hydrogen economy. "Following the significant changes we have made to our business, we are well-positioned to capitalize on the significant opportunities in the green hydrogen economy that lie ahead," he stated.
ITM Power's shares were up by 4% at 90.58 pence at 0715 GMT.