Shares in ITM Power fell by a fifth yesterday after the energy storage specialist sounded a second profit warning in four months.
The company admitted that manufacturing issues have led to production delays of its new electrolysis technology, the main product used in its products, meaning full-year revenues will likely come in at the bottom end of its guided range of £23 million to £28 million.
These delays, ITM said, made it tough for bosses to assess the level of warranty provisions, meaning they will need to “materially increase” provisions above last year’s £3 million which could result in revising its full-year loss expectations. A final blow came after the hydrogen power business warned of delays in finalising current contracts, which “could place large scale
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