ITM Power flags narrower loss than expected in 2024

2nd Aug 2024 08:35

(Sharecast News) - ITM Power updated its guidance for the financial year ended 30 April on Friday, with an improved EBITDA outlook.

The AIM-traded firm said it now anticipated an EBITDA loss of between £30m and £32m - a significant improvement from its previous guidance of £39m to £44m, announced in June.

It said the adjustment came after the resolution of disputes related to legacy projects, allowing ITM Power to release the associated provisions.

The audit of its financial results was nearing completion, with the updated figures reflecting a better-than-expected financial performance for the year.

"Our preliminary results are due to be released on 15 August," ITM Power said in its statement.

At 0931 BST, shares in ITM Power were up 0.86% at 52.7p.

Reporting by Josh White for Sharecast.com.

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