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ITM Power slumps after warning of wider loss from legacy contracts

By Geoffrey Smith AiVIF.com -- Shares in ITM Power (LON:ITM) slumped at the opening on Monday after the U.K.-based maker of hydrogen fuel cells warned of lower revenue and a...
ITM Power slumps after warning of wider loss from legacy contracts © Reuters.

By Geoffrey Smith

AiVIF.com -- Shares in ITM Power (LON:ITM) slumped at the opening on Monday after the U.K.-based maker of hydrogen fuel cells warned of lower revenue and a wider loss in the current fiscal year.

ITM blamed cost overruns and again flagged problems with early iterations of its products that have had extensive warranty problems.

The shares fell 15% in early trading in response and are now down some 85% from their pandemic-era peak.

The warning comes halfway through a strategic review ordered by new chief executive Dennis Schulz, who took the helm at the start of December.

"Whilst the process is ongoing, it has become clear that the outcome for the financial year ending 30 April 2023 will be materially different from the current guidance, with lower revenue and a higher EBITDA loss," the company said in a statement that hinted at some drastic cost-cutting.

ITM said it expects the review to recommend concentrating on a core suite of products and promised a "rigorous approach to capital allocation and costs."

The company will publish the review's conclusions along with its nine-month update at the end of January.

"This is the challenge I was expecting when I joined ITM," Schulz said in the statement. "For the Company to develop from an R&D and prototyping entity, to a mature delivery organisation, we require firmer foundations."

ITM's saving grace is its cash pile, which still stood at £318 million (£1 = $1.2210) at the end of October.

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08-06-2023 07:53:05 (UTC+7)

EUR/USD

1.0709

+0.0010 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Sell (2)

EUR/USD

1.0709

+0.0010 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Sell (2)

GBP/USD

1.2449

+0.0010 (+0.08%)

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↑ Buy

Moving Avg:

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Sell (0)

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Sell (2)

USD/JPY

139.88

-0.25 (-0.18%)

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↑ Sell

Moving Avg:

Buy (2)

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AUD/USD

0.6664

+0.0012 (+0.18%)

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149.79

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0.9735

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23.602

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3.7553

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72.49

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1,891.11

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 EUR/USD1.0709↑ Buy
 GBP/USD1.2449↑ Buy
 USD/JPY139.88↑ Sell
 AUD/USD0.6664↑ Buy
 USD/CAD1.3361↑ Sell
 EUR/JPY149.79↑ Sell
 EUR/CHF0.9735Sell
 Gold1,960.50↑ Buy
 Silver23.602↑ Buy
 Copper3.7553Neutral
 Crude Oil WTI72.49↑ Buy
 Brent Oil76.86↑ Buy
 Natural Gas2.324Sell
 US Coffee C186.10Buy
 Euro Stoxx 504,291.91↑ Sell
 S&P 5004,267.52↑ Sell
 DAX15,960.56↑ Sell
 FTSE 1007,624.34Sell
 Hang Seng19,252.00↑ Sell
 Small Cap 20001,891.11↑ Buy
 IBEX 359,359.80↑ Sell
 BASF46.450↑ Buy
 Bayer52.13Neutral
 Allianz208.85Neutral
 Adidas159.26Buy
 Lufthansa9.133↑ Buy
 Siemens AG158.46↑ Buy
 Deutsche Bank AG9.812Buy
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