Results for the year ended 30 April 2015

31st July 2015
itm power, annual report, results

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its audited results for the year ended 30 April 2015. The Group currently has £10.46m of projects under contract or in the final stages of negotiation after recognising total revenue and grant funding of £5.061m in the period (2014: £3.077m) up 64%.

Key Financial Results For The Year Ended 30 April 2015
• £4.86m of new funds raised from a strategic investment by JCB
• Total Revenue & Grant Funding of £5.061m (2014: £3.077m) up 64%, comprising:
o Revenue – £1.635m (2014: £1.127m) up 45%
o Grant income – £1.777m (2014: £1.370m) up 30%
o Grants receivable for capital projects – £1.649m (2014: £0.580), up 63%
• Increase in property, plant and equipment to £2.546m from £1.755m, up 45%
• Loss from operations £5.723m (2014: £7.789m), improved by 27%
• Cash balance £6.576m (2014: £9.763m), down 33%

Technical Achievements
• Increased hydrogen output per stack by 50%
• Stack cost reduction of 26%
• Laboratory measured cell degradation reduced by 20%
• Launched 1MW stack skid to extend product reach to multi-MW applications
• Thüga Power-to-Gas Project Update “exceeded expectations”

Commercial Progress Since Year End
• A further £1.98m of products under contract secured since year end (2014: £1.33m)
• £0.36m of contracts in final stages of negotiation (2014: £2.78m)

Corporate Development Post Year End
• Bob Pendlebury joins the board as a Non-Executive Director

CEO Graham Cooley commented, “This has been a very busy time for the Company. Customer engagement with our products is at an all-time high.  The project and quotation pipeline as a result has been steadily growing in our target applications of energy storage and hydrogen fuel.  ITM Power enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refuelling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of on-site hydrogen production and refuelling stations. This continued progress is a reflection of the skill and commitment of our highly talented team.”

Chairman Roger Putnam commented, “ITM Power is now in a position where it can focus on delivering our leading refuelling and energy storage products to more and more customers around the world, and this is in no small part down to the dedication of the staff over the last year.”

For those shareholders who have opted to receive paper versions of the Annual Report, these will be posted in the first week of August. The report shall also be available on the website the week commencing 3rd August.

The Annual General Meeting shall be at 22 Atlas Way, Sheffield, S4 7QQ at 14:00 on Wednesday September 16th 2015.

For further information please visit www.itm-power.com or contact:

ITM Power plc, Graham Cooley, CEO,+44 (0)114 244 5111
Zeus Capital, Dan Bate / John Treacy / John Goold, +44 (0)20 7533 7727
Tavistock Communications, Simon Hudson / James Collins, +44 (0)20 7920 3150

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