ITM Power Share Price Surged 16.1% on Upbeat First-Half Results

The ITM Power plc (LON: ITM) share price surged 16.13% after releasing a summary of its earnings results for the six months ended October 31, 2023, ahead of its interim results release on January 31, 2024. The company generated revenues worth £7.5 million for the first half of its financial year. 

The figure places the company firmly on track to achieve its full-year revenue guidance, ranging from £10 million to £18 million. The first-half results signal the firm’s ability to deliver on its financial targets.

The company recorded an adjusted EBITDA loss falling from £22 million to £23.5 million. This performance trend aligns exceedingly well with the lower end of our full-year guidance, which stands at £45 million to £55 million.

After the first half of the year, ITM Power held a substantial net cash position of £253.7 million. This figure significantly surpassed its full-year guidance of £175 million to £200 million. It's worth noting that during this period, the firm experienced an outflow of £28.8 million. 

The outflow already reflects the early positive impact of our relentless efforts and significant progress toward achieving our 12-month plan in the first half.

ITM Power’s robust financial performance during this period instils confidence in its ability to meet its full-year guidance, reinforcing its commitment to delivering value to our stakeholders.

Dennis Schulz, ITM Power’s CEO, said: “We have been making substantial progress against our 12-month plan, which aimed at providing ITM with a strong foundation to build on. The first 6 months of the financial year, from May to October, already paint the early picture of a new ITM, surpassing the full-year revenue of each of the last two years by about 50% in just the first half of this year. We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend. We look forward to providing a detailed update on our 12-month plan, which is nearing successful on-time completion in January, and to giving insight into our longer-term strategic priorities at the time of our interim results.”

ITM Power share price. 

The ITM Power share price surged 16.13% to trade at 59.76p, from Friday’s closing price of 51.46p.