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ITM powers ahead as orders and income rise
Clean energy group ITM Power said it had more than doubled its order book as half year income surged.
Updating on current trading, the AIM-listed business said that as of Monday, it had £27m of projects under contract with a further £10.4m in the final stages of negotiations. That gave it a total backlog of £37.4m, a 103% improvement on January 2017.
Total income for the six months to 31 October 2017, meanwhile, was £4.4m, up 47% on the previous year. The operational loss widened to £2.9m from £2.3m.
Sheffield-based ITM, which joined AIM in 2004, specialises in hydrogen, including storage solutions and producing the fuel for transport, heating and chemicals, with customers including National Grid, RWE, Toyota, Honda and Anglo American. Last September it raised £29.4m for new working capital.
Chief executive Graham Cooley said: "The six months under review have seen significant advances in all areas of ITM Power's business.
"The company's pipeline of deals has more than doubled since last year, showing strong and consistent growth in both the refueling and power-to-gas markets."
Chairman Roger Putnam added: "Our stronger financial position will help us to continue to strengthen our relationships with a number of major blue chip companies as we progress our international business."
Hydrogen is regarded by many as an important, emission-free fuel that could eventually go on to power all cars. However, there is currently a lack of infrastructure - there are only a handful of hydrogen refueling stations in the UK - and extracting hydrogen from other chemical compounds is a complex, high-energy process.