Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Revenues jump at ITM as EBITDA loss smaller than forecast
AIM-listed ITM Power LON:ITM has full year results out this morning with the company posting revenues of £16.5m, towards the upper end of previously issued guidance and a more than three-fold increase year-on-year. The EBITDA loss was smaller than anticipated and net cash remains robust. Further revenue increases are forecast for FY25 although not at the pace seen over the last year, but as management note the path to profitability is no longer down to capability but reliant on customer volumes.
#2. Strong cash reserve leaves TMT well positioned for further investments
Sticking with AIM and the venture capital company TMT Investments LON:TMT that invests in high growth tech companies has published interim results today. NAV per share is unchanged from the FY23 figure reflecting the diversified nature of the portfolio, $1.9m worth of investments have been made over the last six months and $5.8m worth of cash disposals have been realised. The company has $9.8m in cash reserve and adds that its investment in Praktika.AI became the fastest positive revaluation in the company’s history, returning 12.4x on a paper basis in just five months.
#3. Profits jump as more Admiral consumers pay in instalments
Admiral Group LON:ADM issued interim results today noting pre-tax profits up by a third and the interim dividend being increased by 39%. Customer numbers are up by 12% with management noting this is as a result of the business being “more competitive”. One eye catching line in the numbers is the marked increase seen for income raised by paying in instalments, with revenues here up by 50% showing that despite the company’s claim of competitive pricing, more consumers are being forced to spread the cost.
