Unchanged cash outflow for ITM

20th Jan 2011 16:40

Fuel cell and electrolyser products developer ITM Power has reduced its reported interim loss and the cash outflow was maintained at £2.3m. AIM-quoted ITM still had £14.7m in the bank at the end of October 2010. A rise in grant income from £108,000 to £335,000 helped to reduce the interim loss from £3.4m to £3.01m in the six months to October 2010. The main reduction in costs was in prototype production and engineering spending. The HPac electrolyser has gained CE certification. Other products are already going through the CE certification process. HFuel, the refuelling unit, is not expected to get its CE mark until later this year. Management hopes to roll-out new products during the next six months.