- ITM Power, the energy storage and clean fuel company said it expected annual total income to rise by a fifth after the delivery of completed projects increased 'significantly' in the second half of the financial year.

The delivery of completed projects increased significantly in the second half of the financial year to 30 April, and as a result, the total income under IFRS 15 was expected to be approximately £17m, an increase of over 20% year-on-year.

he (earnings) loss EBITDA loss from operations of approximately £6.7m was in line with Board expectations.

Looking ahead, the company said the market for electrolysis was 'growing' very strongly. Many international projects at the 100MW level had been announced by energy majors, including, Energinet, Tennet, GasUnie, Tata Steel, Nouryon, RWE, BP, ONTRAS and the Northern Netherlands initiative.

'Total recognised revenue, our contracts backlog and quotations against tenders are all showing strong growth and the world outlook for green hydrogen demand and electrolysers is very encouraging,' said Dr Graham Cooley, CEO, ITM Power.

At 9:47am: [LON:ITM] ITM Power PLC share price was +0.85p at 32.85p

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