Shares in South Yorkshire based ITM Power have plummeted some 30% after the company announced their full year revenues are set to fall due to production issues.
Due to manufacturing issues, the listed Company say they now expect that full year output and revenue is likely to be towards the bottom of the current guidance range. The timing of this revenue will be weighted towards the final quarter of the current financial year, and will be dependent on success of the current work to resolve these issues. As such, the previously announced range is 48MW-65MW of delivered product and revenue of £23m-£28m.
However, the Company say they remain fully committed to the successful delivery of the order backlog and is working closely with customers to get projects finalised.
The Company continues to benefit from a strong balance sheet with current cash of some £320m, and has an increased focus on operational cash and cost management.
