ITM POWER will finally unveil its results tomorrow, with the troubled hydrogen specialist having delayed the announcement amid growing expectations of plunging revenues and swelling losses.

The London-listed company told investors last month that its auditors Grant Thornton needed more time to look at the company's books, with shareholders still awaiting a trading update to April this year - following a series of profit warnings over the past 12 months.

Its share price has suffered from the uncertainty, plummeting from 402p per share last October to a nadir of just 67p per share last month - a more than 80 per cent slide in its share price. The group has suffered a series of steep drops in tandem with successively gloomy announcements, Based in Sheffield, ITM Power specialises in making electrolysers, devices which use electricity to split, a fundamental part of green hydrogen generation.

The government is targeting 10GW of hydrogen generation by the end of the decade and the company hoped to ride the wave of demand but has struggled to scale its business.

It is far from alone in new tech groups reporting troubles this year - with AMTE Power, the homegrown battery cell maker, scrambling for cash to avoid administration.

(c) 2023 City A.M., source Newspaper