ITM Power to cut headcount by a quarter

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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.”

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Author: Harry Dempsey, The Financial Times

Lacie Midgley

Director, Research Analyst, New Energy & Clean Tech

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