ITM Power losses widen despite 'significant increase' in top line

13th Aug 2018 08:02

(Sharecast News) - Despite seeing losses widen over the last twelve months, hydrogen fuel cell developer ITM Power revealed a "significant increase" in its top line result on Monday.The AIM-listed firm's LBITDA widened 108% to £4.8m, while its pre-tax loss worsened 82.5% to £6.48m on the back of the production and engineering costs for its prototypes, which climbed 57.6% to £4.1m.ITM incurred in a series of one-off costs associated with the production of its first-of-its-kind plant and clocked up higher expenses due to inefficiencies over at its existing facilities.On the other hand, ITM Power saw product revenue increase 36% to £3.3m, while its top-line grew 53% to £14.1m.ITM also revealed an increased set of costs related to its recruitment practices as it sought to prepare for delivery of its order book.Following its successful fund-raising in December, ITM ended the financial year with a cash balance of £20.4m, a 1,175% improvement from the £1.6m it had on hand the year before.Graham Cooley, ITM's chief executive, said, "This financial year has been a period of significant development for ITM Power.""With revenue increasing by 53%, the company has been focussed on the expansion of staff and the planning of the new, larger production facilities," he added.As of 0950 BST, ITM shares had ticked ahead 0.86% to 30.51p.