ITM Power PLC
31 October 2007
For Immediate Release 31 October 2007
ITM Power Plc
('ITM' or 'the Company')
First Time Adoption of International Financial Reporting Standards ('IFRS')
ITM Power plc, (AIM:ITM) the AIM listed developer of low-cost hydrogen
technologies, announces its first time adoption of International Financial
Reporting Standards ('IFRS').
The Company previously prepared its financial statements under UK Generally
Accepted Accounting principles ('UK GAAP') until 30 April 2007. From 1 May 2007,
in line with AIM listing requirements, the Company will prepare its consolidated
financial statements in accordance with IFRS.
In January 2008 the Company will publish its interim results for the six months
to 31 October 2007 which will be the first results to be prepared under IFRS and
will include IFRS comparative financial information for the six months to
31 October 2006. In July 2008 the Company will present its first annual report
and accounts under IFRS for the year ended 30 April 2008 which will include
comparative IFRS financial information for the year ended 30 April 2007.
Management has performed an assessment of the impact of IFRS and has not
identified any material differences resulting from the transition to IFRS other
than certain presentational changes which do not impact the Company's previously
reported losses. The Company has therefore not provided a reconciliation of UK
GAAP to IFRS financial information.
For further information please contact:
ITM Power Plc 01799 542 222
Marcus Scott, Chief Financial Officer
Panmure Gordon & Co. 020 7459 3600
Katherine Roe
Buchanan Communications 020 7466 5000
Ben Willey
Richard Darby
Ben Romney
Notes to the Editors:
ITM Power is a developer of low-cost hydrogen technologies. The Company has
developed new materials and processes that dramatically reduce the cost of fuel
cells and electrolysers. The patented membrane materials used in the devices
have higher performance and are 1% of the cost of the industry standard
materials.
Electrolysers work by converting water and electricity into hydrogen and oxygen.
The hydrogen produced can be used as a replacement for fossil fuels and
facilitate zero carbon housing and pollution free motoring.
ITM Power was founded in 2000 and floated on the London Stock Exchange's
Alternative Investment Market in June 2004.
This information is provided by RNS
The company news service from the London Stock Exchange