ITM Power PLC on Thursday said the company expects to report improved financial results in its upcoming full-year earnings report.

The Sheffield, England-based company is a designer and manufacturer of electrolyser systems for green hydrogen production.

For the year ended April 30, revenue is expected to be in the range of £16.0 million to £16.5 million, within the guidance range of £10 million to £18 million, and ahead of £5.2 million reported the year prior.

Adjusted earnings before interest, taxes, depreciation, and amortisation loss between £39.0 million and £44.0 million is anticipated, improving from guidance of £45 million to £50 million, and reducing year-on-year from a £94.2 million loss.

Net cash at year-end stood at £230 million, exceeding guidance of £200 million to £220 million.

Chief Executive Officer Dennis Schulz said: ‘During the year, we completed our 12-month plan, transforming ITM into a credible delivery organisation, and we have attained a positive operating rhythm of deploying products to our customers. We grew revenue more than threefold and halved our losses, and in line with our strategic priorities, we managed our cash carefully.’

Preliminary full-year results are due to be released August 15.

ITM shares were up 1.3% to 64.43 pence each in London on Thursday morning.

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