SHARES plunged nearly 25 per cent yesterday for ITM Power after the energy giant posted widening losses and announced the news of its departing CEO.

The firm said in its full year results that gross loss hit £23.5m, ballooning from £6.5m in 2021.

Although revenue jumped to £5.6m, compared to £4.3m in 2021, the company said it was "disappointed" that it could not include the delayed Leuna contract into its recent results.

Current CEO Graham Cooley also announced that he would be departing from the top spot after 13 years. He will not leave the post until ITM find a replacement.

Cooley said he remained upbeat about the company's future and the opportunities emerging from the difficult macroeconomic backdrop, especially the war in Ukraine.

"I believe the next twelve months will see the benefits of our position becoming even clearer as governments urgently address their dependence on methane," he wrote in the company's results.

(c) 2022 City A.M., source Newspaper