ITM Power PLC shares dropped on Tuesday, after it reported that its financial 2023 results will be delayed.

The Sheffield, England-based company designs and manufactures electrolysers to produce green hydrogen using renewable electricity and water. Its shares were down 5.8% to 92.83 pence each in London early Tuesday.

ITM said that the audit for the financial results for the year ended April 30 is ‘well advanced’. However, its auditor Grant Thornton has requested additional time to complete standard audit procedures.

This means there will be a delay to the results, which were previously expected to be released on Thursday.

ITM now expects to release results on August 17.

The company also reconfirmed previous guidance. In June, ITM said it should meet and exceed guidance for the financial year just ended, but will still fall short of last year’s performance.

For the year ended April 30, ITM expects an adjusted earnings before interest, tax, depreciation and amortisation loss of between £90 million and £95 million. This would fall within guidance of £85 million to £95 million. For financial 2022, the company had reported an Ebitda loss of £39.7 million.

Revenue for this year is expected to be ahead of £2 million guidance. Net cash at the year’s end should be £281 million, above £245 million to £270 million guidance.

However, ITM’s projection still falls below sales last year, when revenue rose by 32% to £5.6 million from £4.3 million.

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