ITM Power posts higher revenues for H1 FY 2011/12

Jan 25, 2012 - British clean fuel company ITM Power plc (LON:ITM) today reported revenues of GBP 40,000 (USD 62,400/EUR 48,100) for the six-months to October 31, 2011, compared to GBP 8,000 a year earlier.

"Hydrogen's role in both renewable energy storage and transport is becoming internationally recognised and the Group and its product offering now have global traction and visibility," said CEO Graham Cooley.

Operating loss widened to GBP 3.5 million from GBP 3.1 million.

The company closed its first fiscal half with a net loss of GBP 3.2 million, or GBP 0.029 a share, compared to GBP 2.7 million a year earlier, as a result of increased activity.

At the end of October, ITM Power had GBP 9 million in cash and short-term deposits.

Earlier this week, the company said that its transportable hydrogen refuelling solution HFuel had been certified as CE compliant, meaning that it now can be market it throughout the European Union.

(GBP 1.0 = USD 1.559/EUR 1.203)

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