ITM Power has this week provided a trading update, including progress on the UK company’s new factory, updates on two major ongoing projects and some key appointments.
The current financial year ending 30th April 2019 has started well and ITM Power continues to expect another year of significant financial progress.
As has been the case in previous years, revenue is expected to be weighted towards the second half of the year. Underlying performance of project delivery remains on track. ITM Power’s financial position is strong with £16.9m ($21.6m) of cash and £1.7m ($2.2m) of cash on guarantee. Debtors less creditors stand at £8.4m ($10.7m), making a total of cash and cash receivables of £27m ($34.5m).
Dr. Graham Cooley, ITM Power’s CEO, commented, “ITM Power is in good shape – financially and operationally – and I hope this positive trading and pipeline update demonstrates this to shareholders.”
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