ITM Power PLC on Monday backed annual guidance, citing progress of its 12-month plan aimed at providing the company with a sound foundation to build on.

ITM Power shares rose 11% to 57.38 pence per share on Monday morning in London.

The Sheffield, England-based maker of electrolysers to produce green hydrogen said for the six months ended October 31, it expects half-year revenue of £7.5 million, an improvement from £2.0 million a year earlier, and leaving it on track to achieve annual guidance of £10 million to £18 million, up from £5.2 million in financial 2023.

Further, it expects a half-year adjusted loss before interest, tax, depreciation and amortisation between £22 million to £23.5 million, ‘trending well against lower end’ of yearly guidance of a loss between £45 million to £55 million.

It had reported a £54.1 million adjusted Ebitda loss in the first half of the previous financial year, and an adjusted Ebitda loss of £94.2 million in financial 2023.

Chief Executive Officer Dennis Schulz said: ‘We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on. The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year. We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend.’

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