ITM power, the energy storage and clean fuel group, has released financial results for the year ended 30th April 2017.

The group currently has £17.8m under contract and a further £17.6m in the final stages of negotiation, constituting a total pipeline of £35.5m having recognised £6.3m of income in Q2 2017.

Total revenue and grant funding reached £9.2m, up 13% on the prior year, and an Increase in property and plant equipment has left the company with a net book value of £4.6m from £3.0m, up 53%.

The company also experienced some losses in Q2 as a result of being in the growth phase of business. Operations are down 18% from £4.4m to £3.6m, and grants receivable from capital projects are down 14% from 3.1m to 2.7m. ITM Power recognises the current need to manage working capital carefully and efficiently, ITM Power continues to structure quotes to include upfront payment with orders so that working capital is not impacted adversely by increased activity.

Graham Cooley, CEO, commented, “This is a very exciting time for the energy industry, and ITM Power is at the forefront of a market which will revolutionise air quality and energy storage for future generations. As evidenced by the significant growth in our pipeline, momentum in the hydrogen sector is continuing to gather pace. Our market is growing rapidly and with larger systems, compliant to operate all over the world, ITM Power is in a great position to be a market leader.”

Roger Putnam, Chairman, added, “ITM Power continues to develop a burgeoning pipeline of exciting projects that demonstrate that there is a large and growing market for electrolyser technology. Our focus remains ensuring that ITM Power is optimally positioned to deliver its growing pipeline of established high efficiency products into those markets. I would like to thank the staff this year for their continued hard work as the Group takes its next steps as a leading technology supplier.”

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