ITM Power Delays Publication of Results for Fiscal 2023

by webmaster

ITM Power, the U.K. clean-fuel and energy-storage company, announced on Tuesday that it would be further delaying the publication of its results for fiscal 2023. The new publication date has been set for August 17. However, despite the delay, the company reaffirmed its guidance for the year.

ITM Power stated that its auditor has requested additional time to complete standard audit procedures. Nevertheless, it emphasized that the year-end audit is well advanced.

Previously, on June 1, ITM Power had shared its expectations for the year ended April 30. The company anticipated that its revenue would surpass market expectations of £2.0 million ($2.6 million).

In terms of financials, ITM Power projected an adjusted loss before interest, taxes, depreciation, and amortization (EBITDA) ranging between £90 million and £95 million for the year. This aligns with prior guidance and a market consensus compiled by the company, which estimated an adjusted EBITDA loss of £90 million.

At 0744 GMT, shares of ITM Power had fallen by 7.4% or 7.28 pence to reach 91.44 pence.

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