ITM Power has today (January 31) said it is set to make “headcount reduction” following an “unacceptable” financial performance.
In its interim results, the UK-based electrolyser manufacturer is shown to have stood £2m ($2.4m) down in the six months leading up to October 21, 2022, compared to £4.1m ($5m) in the same period in 2021.
Additionally, its losses before tax saw a heavy decline to £56.5m ($69.4m), down from £15.3m ($18.8m) in the previous segment.
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