ITM Power reduces losses thanks to restructuring

A streamlining of operations including job cuts has helped hydrogen technology specialist ITM Power dial back losses.
The Sheffield-based manufacturer reported Ebitda losses of £21m in the six months to the end of October 2023, down from £54.1m in the same period the year before and now expects full year Ebitda losses to be between £45m – £50m. Revenue was significantly boosted from £2m to £8.9m.
In a post on the half year results to investors on the London Stock Exchange, ITM said progress had come on the back of a 12-month turnaround plan which included 30% of jobs cut and a “rationalisation” …