ITM Power: Innovation is worth the wait
- ITM Power has generated mega-returns for investors in recent years but thew shares have come off the boil in 2022
- Shares stumble again following interim results announcement
- Strong uptick in revenues but continued heavy cash burn
Ongoing losses shouldn’t spook investors in ITM Power (ITM). The £3m uptick in pre-tax losses to £15m just reported for the first half of the 2022 financial year (ended October 2021) can be blamed on rising staff and factory costs, courtesy of the soaring demand for the group’s green hydrogen projects. If demand continues apace, the future is very bright for ITM and a few more years of non-existent earnings should be worth it. But that’s not to say that those nursing heavy losses since the company’s shares came off the boil last year won’t have further pain to endure.…