Half Year Results for the Period ended 31 October 2014

30th January 2015
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ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its interim results for the six month period ended 31 October 2014. The Company currently has £8.76m of projects under contract and a further £2.61m of contracts in final stages of negotiation.

Summary:

Commercial Progress
• £5.59m of projects under contract at the period end
• Second US refuelling station award from the California Energy Commission for US$2.125m (£1.417m)

Post period end
Whilst noting that the Company is still at a developmental stage, trading has been slower than anticipated, meaning results for the full year will be substantially lower than market expectations, however:
• A further £3.17m of products under contract secured making a current total of £8.76m under contract
• A further £2.61m of contracts in final stages of negotiation
• £0.90m approved project funding for the HELES project
• Sales order received for a Power-to-Gas system to RWE in Germany
• Second gas network optimisation contract with AMEC and National Grid

Key Financial Results for the six months ended 31 October 2014
• Total revenue and grant funding of £1.34m (2013: £1.61m), comprising:
o Revenue £0.52m (2013: £0.71m)
o Grant income £0.82m (2013: £0.90m)
• Increase in fixed assets to £1.51m from £1.42m
• Loss from operations £3.69 (2013: £3.29m)
• Reduced cash burn* of £3.09m (2013: £4.15m) due to the receipt of upfront payments on contracts
• Cash balance of £6.67m at period end (2013: £3.70m)
*Cash burn is a non-statutory measure and is defined underneath the Cash Flow Statement

Corporate Development
• Advanced discussions with a potential strategic industry investor
• Sir Roger Bone joins the board as a Non-Executive Director
• Stephen Jones MD of ITM Power Inc. relocates to open California office
• Andy Allen appointed as CFO and Company Secretary

Graham Cooley, CEO, commented: “Whilst trading has been more difficult than anticipated this has still been a very productive period for us. ITM Power has now identified and optimised its key products, deployed reference plant in its key markets and is now selling large scale plant to major international companies.”

Roger Putnam, Chairman, added: “Our staff, through their hard work and dedication have transformed ITM Power into an internationally respected company with a growing order book in two massive, rapidly emerging global markets. We look forward to continuing the Company’s progress in the coming year.”



Rebecca Markillie
Marketing & Communications
E: rlm@itm-power.com
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