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ITM Power (ITM) stock nudges higher on bullish trading update

By David Burrows

10:47, 16 December 2021

Green hydrogen graphic Photo Alamy
ITM Power specialises in clean energy. Photo: Alamy

ITM Power (ITM) saw it stock price climb 3.48% to 388p early morning after delivering an upbeat trading statement.

The AIM-listed energy storage and clean fuel specialist revealed revenue of £4.1m ($5.47m) for the half-year to end of October (2020: £0.2m) with a gross loss of £2.4m (2020: loss of £2.8m).

The company also reported an adjusted EBITDA loss of £13.0m (2020: loss of £10.4m) and a net cash at half-year-end of £166.6m excludes net £242m raised in November.

ITM pointed to a successful £250m fund raise completed post-period end in November. It also highlighted the site for the second 1.5 GW UK factory acquired in Sheffield and confirmed the first overseas factory (of 2.5 GW) to follow, to create 5 GW of capacity by the end of 2024.

PFC

0.20 Price
-1.500% 1D Chg, %
Long position overnight fee -0.0253%
Short position overnight fee 0.0033%
Overnight fee time 22:00 (UTC)
Spread 0.005

FFIE

0.30 Price
+16.930% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.0031

MARA

16.82 Price
+8.280% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.09

CLSK

10.36 Price
+12.420% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.04

Commenting on the latest figures Dr Graham Cooley, CEO of ITM Power, said: "Today's update provides a compelling endorsement of how fast our markets are growing and our decision to raise further funds to increase capacity domestically and internationally to take full advantage of this growth.

He added: “Together with our partners, we believe we can gain a material market share as a result of our experience, expertise and capacity to help industry to decarbonise using green hydrogen."

Read more: Oil prices fall on uncertain new year demand

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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