Business
ITM Power PLC: Final Results
ITM Power PLC: Final Results.
About this update from Itm Power Plc
[{"type":"text","content":"\n\n17 August 2023\n \nITM Power PLC\n(\"ITM Power\" or the \"Company\")\n \nPreliminary results\nGaining traction - Our journey to volume manufacturing and rapid deployment\n \nITM Power (AIM:ITM) announces its final results for the year ended 30 April 2023\n \nHIGHLIGHTS\n \nFinal results summary\n· Revenue of £5.2m (FY22: £5.6m) significantly ahead of guidance of £2m\n· Adjusted EBITDA loss of £94.2m (FY22: £39.8m)* in line with the £85m to £95m guidance\n· Net cash at the year end of £283m (FY22: £366m) ahead of guidance of £245m to £270m\n* Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in Note 4\n \nThe financial performance for the year is in line with, or ahead of, the expectations set at the year end trading update on 1 June 2023. Our 12-month plan, including stringent cash control in the second half of the year, led to higher revenue and a stronger balance sheet position compared to the revised guidance.\n \nStrategic update: Good progress made against our 12-month priorities plan\n· Product portfolio significantly simplified, concentrating on our core product suite, with mature engineering processes and robust product validation, preparing for manufacturing at scale\n· A rigorous approach to capital allocation and cost management, including a significant reduction in headcount enabling us to reinvest faster to professionalise important areas such as engineering and manufacturing\n· Debottlenecking fabrication and testing by incremental automation, expansion of our factory in Sheffield, and investment into ITM Power Germany\n \nFinancial guidance for FY24\n· Revenue expected to increase to between £10m and £18m from commercial projects in execution\n· Adjusted EBITDA loss improving with growing output/sales and expected to be in the range of £45m to £55m\n· Net cash at year end expected to be in the range of £175m to £200m after significant capital investment in capacity expansion, including power supply upgrades\n \nCommenting on the results, CEO Dennis Schulz said:\n\"I have been at ITM for just over half a year, joining the company at a time of challeng...