ITM Power PLC Trading and Pipeline Update (3385R)
June 14 2018 - 1:00AM
UK Regulatory
TIDMITM
RNS Number : 3385R
ITM Power PLC
14 June 2018
14 June 2018
ITM Power plc
("ITM Power" or the "Company")
Trading and Pipeline Update
ITM Power (AIM: ITM), the energy storage and clean fuel company,
announces a trading and pipeline update, ahead of reporting results
for the financial year ended 30 April 2018, which are expected to
be announced in late July 2018.
Trading
During the year ended 30 April 2018, the Company has focused on
delivering its contracted pipeline of orders with the result that
total income for the year is expected to be approximately GBP14.0m.
The cash loss for the year is expected to be approximately GBP5.0m,
which reflects the higher than expected costs due to the following
three largely one-off factors: the amount of first-of-a-kind plant
that has been delivered in the year; fees related to the
recruitment of additional project delivery personnel; and higher
factory testing costs for larger scale equipment (a factor that
will be mitigated with the upcoming factory move, expected in the
first half of 2019, and associated power upgrade at the new site).
The Company retains a strong balance sheet with a year-end cash
position of approximately GBP22.0m and a positive working capital
position of approximately GBP8.0m.
New orders and deal pipeline
New orders received in the last 12 months have totaled GBP21.9m.
The Company has an overall deal pipeline today of GBP39.0m, of
which GBP33.5m is under contract and GBP5.5m is in the final stages
of negotiation, representing an increase of approximately 42% since
June 2017 after recognising GBP10.4m as income in the period.
Tender opportunity pipeline
The tender opportunity pipeline has grown strongly since the
previously reported level of over GBP200m in January 2018. It now
stands well in excess of GBP250m with a breakdown evenly spread
across the three sectors of fuel, power to gas and renewable
chemistry.
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO
Andy Allen, Finance Director +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Jeremy Ellis / Chris Sim / Alexander Ruffman +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / James Collins +44 (0)20 7920 3150
About ITM Power plc
ITM Power manufactures integrated hydrogen energy solutions for
grid balancing, energy storage and the production of green hydrogen
for transport, renewable heat and chemicals. ITM Power was admitted
to the AIM market of the London Stock Exchange in 2004. In
September 2017 the Company announced the completion of a GBP29.4m
working capital fundraise. The Company signed a forecourt siting
agreement with Shell for hydrogen refuelling stations in September
2015 and subsequently a deal to deploy a 10MW electrolyser at
Shell's Rhineland refinery. Additional customers include National
Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American
among others. The Company's order pipeline stands at GBP33.5m of
projects under contract and GBP5.5m of contracts in the final
stages of negotiation, totaling GBP39.0m (subject to exchange rate
variation).
-ends-
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END
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