Business
Final Results & Placing
Final Results & Placing.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 0022L ITM Power PLC 06 August 2013 \n \n\n6 August 2013\n \nITM Power plc\n(\"ITM Power\" or the \"Company\")\n \nFinal Results for the year ended 30 April 2013 and Placing\n \nITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce:\n \n· publication of the Company's final results for the year ended 30 April 2013; and \n· that it has raised £2,000,000 before expenses by way of an issue of 5,714,286 new ordinary shares of 5 pence each at a placing price of 35 pence per share.\n \nFinal results for the year ended 30 April 2013\n \nSummary\n \nOperational\n· First order of Power-to-Gas plant to the Thüga group in Germany\n· Preferred bidder for the supply of a refuelling station in California\n· Participation in German Government Power-to-Gas platform\n· Participation in North Sea Power-to-Gas platform\n· UKH2Mobility backs 50% electrolytic hydrogen for UK rollout\n· Participation in H2USA the US hydrogen rollout initiative\n· Participation in French National mobility programme\n· First orders in Japan and South America\n· First sale in Russia\n· Core electrolyser stack efficiency improved by 11%\n· Core electrolyser stack full power response time reduced to 0.2 of a second\n \nFinancial\n· Revenue for the period was £87k (2012: £480k), a significant decrease which represents delays experienced in commissioning and deployment of products at customer premises.\n· £0.9m order book plus strong and growing quotation pipeline\n· £3.7m of grant awards; another £3.5m subject to contract\n· Cash burn of £6.1m (2012: £5.7m). Cash burn is defined as the underlying rate of cash outflow after adjusting for movements in short term deposits and fund raising receipts, and is reconciled to the Consolidated Cash Flow Statement\n· Cash balances at period end of £5.9m (2012: £6.6m)\n \n \nITM Power's CEO...