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ITM Power warns of cash loss as 'one-off' factors will increase costs

By BFN News | 09:15 AM | Thursday 14 June, 2018

Energy storage and clean fuel company ITM Power said Thursday it expected a cash loss for the year of £5.0m as costs would be higher than previously anticipated. The company also said its pipeline of orders is expected to generate full-year total income of approximately £14.0m. The expectations for higher costs was blamed on the cost of a plant that had been delivered in the year, fees related to recruitment and higher factory testing costs for larger scale equipment. The firm described these costs as 'largely one-off factors.' The year-end cash position is expected at approximately £22.0m, while the working capital position is expected at approximately £8.0m. The tender opportunity pipeline stood well in excess of £250m with a breakdown evenly spread across the three sectors of fuel, power to gas and renewable chemistry, the company said. At 9:15am: (LON:ITM) ITM Power PLC share price was -2.6p at 30.25p Story provided by

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