SHARES in ITM Power nosedived more than 12 per cent on the London Stock Exchange yesterday, after the energy storage firm announced a third profit warning in less than eight months.

The company is forecasting lower revenues and deeper losses than expected, with results for the full year ending April 2023 now expected to be "different from the current guidance."

This comes after ITM uncovered more delays to deliveries on customer contracts, extra costs and inventory write-downs.

The company has issued three profit warnings since last June, with problems including losses related to delays to its major project at the Leuna chemicals complex in Germany.

The Sheffield-based company produces electrolysers - separating hydrogen from water - which are central to the country's ambitions to develop green hydrogen.

Downing Street is targeting 10GW of hydrogen generation by the end of the decade as part of its energy security strategy.

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