ITM Power, the Sheffield-based green hydrogen and energy storage firm, said in a trading update it expects revenue to be in the range of £16 million-£16.5 million for the 12 months ending April 30, 2024, “within the £10m to £18m guidance range and more than a threefold increase compared to the prior year.”

The company said it expects an adjusted EBITDA loss between £39 million and £44 million, “better than the guidance of £45m to £50m, and a year-on-year reduction of more than 50%.”

Net cash at the year-end is expected to be £230 million, “ahead of the guidance range of £200m to £220m and reflecting the stringent cost and capital disciplines now embedded in the DNA of the company.”

CEO Dennis Schulz said: “During the year, we completed our 12-month plan, transforming ITM into a credible delivery organisation, and we have attained a positive operating rhythm of deploying products to our customers.

“We grew revenue more than threefold and halved our losses, and in line with our strategic priorities, we managed our cash carefully.

“I am pleased with our progress, and look forward to providing further details, including guidance for the current year, at the time of our preliminary results announcement in August.”