ITM Power to cut headcount by a quarter
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31st January 2023
Hydrogen equipment maker’s move under new chief Dennis Schulz follows string of profit warnings
ITM Power will cut its headcount by a quarter in a drive to slash costs and improve performance, after a string of profit warnings at the UK hydrogen equipment manufacturer.
Shares in ITM Power regained 6 per cent on Tuesday, but they have slumped to less than a quarter of their level last March.
Lacie Midgley, an analyst at Panmure Gordon, said the revenue guidance was worse than expected, but it was not a bad thing for the new chief executive to reset expectations at a low level.
“There’s a lot of work to be done here as the cash burn is hefty,” she said. “He is saying the right things but he has a big challenge ahead of him.”
Full article here: https://www.ft.com/content/31c5fea6-8995-4242-87bf-2734909b1d87
Author: Harry Dempsey, The Financial Times
Lacie Midgley
Director, Research Analyst, New Energy & Clean Tech
