ITM Power’s shares plunged nearly 25 per cent this afternoon after the energy giant posted widening losses and announced the news that its CEO was calling it quits.
The green energy giant said in its full year results that gross loss hit £23.5m, ballooning from £6.5m in 2021.
Although revenue jumped to £5.6m, compared to £4.3m in 2021, the company said it was “disappointed” that it could not include the delayed Leuna contract into its recent results.
Current CEO Graham Cooley also revealed that he would be departing from the top spot after 13 years. He said he will not leave the top post until ITM found a replacement.
Sir Roger Bone, Chairman of ITM Power said: “Graham’s contribution to this Company’s growth, over many years, is immeasurable. We are pleased that he has agreed to remain with the Company in a strategic role so that we may continue to benefit from his knowledge, wisdom, experience and relationships.”
Cooley remained upbeat about the company’s future and the opportunities emerging from the difficult macroeconomic backdrop, especially the war in Ukraine.
“Over the last nine months, as the prices of methane and fertiliser have increased, green hydrogen has achieved first parity and then become cheaper in many cases than producing these commodities from gas feedstocks.” he said.
“I believe the next twelve months will see the benefits of our position becoming even clearer as governments urgently address their dependence on methane.”
Contracts backlog were also up 79 per cent for ITM, which the company predicts will continue to grow.
ITM said because of ongoing supply chain issues the focus will be on completing projects already contracted.
The company said it expected product revenue in the range of £23-28m for the full year 2023.