ITM Power rises on revenue news

AIM-listed energy storage and clean fuel firm ITM Power (LON:ITM) has seen its share price climb by 9.30% to 14:45 BST after total revenues and grant funding for the year ended 30th April increased by 25% to £17.5 million. However, the EBITDA loss for the year widened by 70%.

CEO Graham Cooley commented: “ITM Power continues to deliver strong growth with revenues up 25% year on year. The Group has benefited from the lessons learned in deploying units above 1MW for the first time, including in harsh environments and difficult operating conditions. This delivers significant competitive advantage for future deployments as we scale up and standardise our products. We’ve also been learning how to maximise value from our growing portfolio of revenue generating assets in the shape of the first real hydrogen refuelling network in the UK“.