StockMarketWire.com - Energy storage and clean fuel company ITM Power reported wider first-half losses as income dropped by nearly a quarter amid a steeper decline in grant income and ongoing problems in legacy products, including the Shell Refhyne project.

For the six month period ended 31 October 2019, pre-tax losses widened to £9.8m from £5.2m on-year, and income fell 24% to £3.8m.

The performance continued to be 'affected by certain legacy projects, including that of the Shell Refhyne project, resulting primarily from facing first-of-a-kind deployment challenges,' the company said.

'Whilst the company's future will increasingly be made up of revenue through sales, the reduction in grant income (in the first half of the year) has been steeper than anticipated,' it added.

Grant income fell to £0.8m from £2.5m on-year.



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