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31 January, 2007 - 16:56 By Staff Reporter

ITM stock leaps by almost a quarter

Saffron Walden-based energy innovator, ITM Power has announced an increase in pre-tax loss for the six months ended October 2006, and that Stephen Massey is to step down as chairman.

The firm said that pretax losses widened to £1.4m from £0.91m for the first half of the previous year. The increase was in line with expectations, management said, citing higher development activity during 2006.

ITM said that progress in its commercialisation programme is on plan, which includes contract wins with the MoD and Hydrogen Engine Center and a development plan with the University of Hertfordshire, reported late last year by Business Weekly.

Stephen Massey, who he will not be seeking re-election as chairman in September said: "The important scientific advances that we have achieved to date have created substantial intellectual property which is the most valuable asset in the Company.

Our objectives over the next year are to focus on successful field trials of our existing technology, to complete the building of our production facilities and further expand our commercial relationships.The announcement prompted a massive 23 per cent jump in share price, rising 23.75p to 127.5p.

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