ITM Power reduces costs
Electrolyser technology developer ITM Power has delivered £15.2m of revenues in the first half, which is well on the way to the full year forecast revenues of £20.6m pencilled-in by Zeus.
Cost savings mean that the full year EBITDA loss guidance has been changed from £35m-£40m to £32m-£36m. This means that cash at the end of April 2025 should be between £170m and £180m. That compares with £230.3m at the end of April 2024.
ITM Power is increasingly focused on adding industry partnerships and commercialising its technology. Management expects customer interest to accelerate over the coming year, but the timing of any contracts is uncertain.
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Learning Technologies bid
Learning Technologies Group is recommending a 100p/share cash bid from technology investor General Atlantic. That values the company at £802.4m. The plan is to accelerate the current strategy.
E-learning services provider Epic Group reversed into AIM cash shell In-Deed Online eleven years ago. Epic was valued at £16.3m and the shares issued at the time were valued at 5.88p each. Since then the company has been built up through a combination of acquisitions and organic growth.
A pre-tax profit of £78m is forecast for 2024. However, Learning Technologies has not delivered on its strategy set out in 2022 because of economic weakness and difficulty in financing acquisitions.
IDOX grows in 2023-24
Information management and geospatial software provider IDOX grew strongly in the year to October 2024. Revenues and adjusted EBITDA will be in line with expectations.
Revenues will be one-fifth higher at £87.6m, including recurring revenues of £54m. A dip in margins means that growth in EBITDA will be slower with an improvement from £24.5m to £26.1m. Net debt was £10m at the end of October 2024. Order intake was £89m.
The purchase of geospatial software company Emapsite has helped to scale up the geospatial activities. Further acquisitions are likely in this sector. The full results will be published in late January.
