Final Results for the Year to 30 April 2017

25th August 2017
ITM Power results infographic

ITM Power (AIM:ITM), the energy storage and clean fuel Group, announces preliminary results for the year ended 30 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 H2 2017.

Clean Fuel
• Launched first London Hyfive refuelling station at the National Physical Laboratory, Teddington, London
• Opened first hydrogen refuelling station with Shell in the UK and obtained planning permission for three other Shell stations
• £3.5m contract won to deploy a 3MW electrolyser system in the year ending 30 April 2018
• Contracted the £1.1m sale of 0.5MW electrolyser to National Grid under the HyDeploy project for build in FY2019
• €1.5m sales contract to HDF, a multi-MW electricity storage solutions provider, ITM’s first sale in France
• €0.7m electrolyser sale to global speciality gas Group by competitive tender

Renewable Chemistry
• £1.6m sale of a 1.25MW electrolyser to a major Engineering Procurement & Construction (“EPC”) Group
Since Year End
• A further £4.1m of products under contract secured since year end (31 July 2016: £1.4m)-
• A further £12.3m of grant contracts entered into final stages of negotiation (31 July 2016: £0.5m)

• Total Revenue & Grant Funding of £9.2m (2016: £8.2m) up 13%, comprising:
o Revenue – £2.4m (2016: £1.9m) up 25%
o Grant income – £4.2m (2016: £3.2m) up 30%
o Grants receivable for capital projects – £2.7m (2016: £3.1m), down 14%
• Increase in property, plant and equipment net book value of £4.6m from £3.0m, up 53%
• Loss from operations £3.6m (2016: £4.4m), down 18%
• Cash balances of £3.0m (2016: £3.3m), down 10%; comprising
o £1.6m available cash (2016: £1.1m)
o £1.5m restricted cash on guarantee (2016: £2.1m)
• Development costs of £0.15m capitalised in the year (2016: £0.25)
• A material uncertainty exists around going concern as the Group remains in a growth phase. Recognising 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.

• Winner of the Rushlight award for improvement of the manufacturing process
• New Control room established in Sheffield
• Development of an autonomous test facility for ultra-high current density (cost reduction)

• Appointment of new Managing Director of ITM Power GmbH, Calum McConnell
• £5.7m gross funding round secured in January 2017 for working capital to service existing pipeline
• Appointment of Investec Bank plc as Nominated advisor and sole broker
• Exhibited at All-Energy, the UK’s largest renewable energy event, Glasgow, 10 & 11 May 2017
• Staff numbers increased by 4 full-time equivalents (currently the Group has 72 staff)
• Development work is tightly focused on increasing electrolyser scale, improving performance and cost reduction

The annual general meeting shall be held on Wednesday 18 October 2017 at 11:00 at 1 Cornhill, London EC3V 3ND.

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.”

For further information please visit or contact:
ITM Power plc Graham Cooley, CEO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker) Jeremy Ellis / Chris Sim / Jonathan Wynn +44 (0)20 7597 5970 Tavistock (Financial PR and IR) Simon Hudson / James Collins +44 (0)20 7920 3150

About ITM Power plc
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. 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 H2 2017.

Rebecca Markillie
Marketing & Communications
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