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ITM Power Reports GBP 0.6 Mln Revenue, Holds Excess Cash Resources; Stock Climbs

Shares of ITM Power Plc. (ITM) climbed around 11 percent in London trading after the energy storage and clean fuel company said Tuesday that it recognised 0.6 million pounds of sales revenue and 0.7 million pounds of project income in the five months to the end of September. The company also said it has cash resources in excess of that required to execute its plans over the next 12 months, even before any new business is generated.

In its trading update for the period since its final results announcement on July 30, the company said it now has 6.77 million pounds of projects under contract and 1.20 million pounds of new projects subject to final contract negotiation. This reflects the successful conclusion of a number of negotiations and the receipt of revenue for existing projects.

ITM Power noted that in the current financial year it will experience a weighting towards income being recognised in the second half, with delivery of the HyFive and Island Hydrogen projects nearing completion.

Graham Cooley, CEO, ITM Power, said, "This update reflects a very busy time for the Company. Customer engagement has been significantly increased while the project and quotation pipeline has been steadily growing. We look forward to sharing more of the results of our efforts with shareholders over the coming months."

In London, ITM Power shares were gaining 2.32 pence or 11.50 percent, and trading at 22.44 pence.

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