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ITM Power (AIM: ITM) – Excellent trading update bodes well for full year financial results

09/06/2015 · ITM Power PLC (ITM) 

ITM Power specialises in the manufacture of integrated hydrogen energy systems to enhance the utilisation of renewable energy that would otherwise be wasted. This fantastic technology has been mirrored by an excellent trading and operations update released this morning.

The period has been successful for the company in the negotiation of contracts, resulting in almost £13m of projects currently under contract and a further £2.8m in the final stages of negotiations. As well as expanding on number of projects the Group also managed to reduce costs through manufacturing efficiencies and reducing material costs. ITM’s aim is to become cash flow positive in the shortest period as possible, and by preventing the cost base from rising significantly, despite large increases in revenue, the Group is well on track to achieving their goal.

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