ITM Power tells investors to expect 'significant financial progress'

29th Oct 2018 09:03

(Sharecast News) - Energy storage and clean fuel outfit ITM Power told investors to expect another year of "significant financial progress" as the automotive industry fully embraces the idea of alternative fuel sources.ITM's pipeline has grown around 12% to £34.3m since August's release of its full-year results, with £27.6m of that already under contract.The AIM-listed outfit had £16.9m cash in the bank and a further £1.7m on guarantee. Debtors less creditors stood at £8.4m, giving ITM a total cash and cash receivables balance of £27m.ITM, which is in the process of opening a larger factory, said work on the project was "progressing well" and that much work has already gone into designing the layout of its new site and acquiring the necessary approvals.When discussing its "ground-breaking" 10-megawatt electrolyser project with industry giant Royal Dutch Shell, ITM said it was still waiting to submit its planning permit application.ITM also touched on its first hydrogen-fuel bus project, noting that a dedicated refuelling station should be up and running in March 2019, with 20 fuel cell buses to start running on select Birmingham bus routes shortly thereafter.Chief executive Graham Cooley, said: "ITM Power is in good shape - financially and operationally - and I hope this positive trading and pipeline update demonstrates this to shareholders.""We are making good progress with the new factory, with the delivery of key multi-megawatt reference projects and we have made a number of high-quality appointments to strengthen the team for further growth."As of 0900 BST, ITM Power shares had shot up 7.30% to 24.25p.