Verditek ships products ahead of schedule; has setback in Nigeria

Wed, 12th Aug 2020

Lightweight solar panel company Verditek said it had shipped products related to several new contract wins ahead of schedule, but had also experienced disruptions with others in Nigeria and Australia. The first announced order to SAF Pakistan, UK orders and Endeco all had been dispatched ahead of contractual delivery dates. However, with regards to distribution agreements in Nigeria and Australia, the distributors proved unable to secure contracts to which they had committed in their original agreements. 'With respect to the Nigerian distributor, we have refocused them to concentrate on market segments in which we are successful, namely diesel fuel displacement and remain optimistic that they will deliver contracts albeit not in the timescales or quantum originally mentioned, Verditek said. 'With respect the Australia market, we have chosen to attack the market with a different approach and are more focused on specific, potentially very attractive sectors including mining and marine, and are no longer in dialogue with the original distributor.' Verditek also said it had been able to secure its first order under a new strategy in Australia, with its own sales representative now in place. The order was secured two weeks ago in the mining sector, had been paid in full and the panels were dispatched from stock. 'Since taking over as CEO of the company in May, I have embarked upon a clear driven strategy , to focus the company's energy and resources on sectors that I believe will deliver the most profitable and demonstrable results, and capitalise on the inherent advantages of our ultra-lightweight, flexible solar product,' chief executive Rob Richards said. 'To that end the selling efforts of the group are now targeting those industrial segments where traditional solar panels cannot be deployed. This is an enormous addressable market.' At 1:27pm: (LON:VDTK) Verditek Plc share price was +0.5p at 17p Story provided by StockMarketWire.com

FTSE 100 Latest
Value5,783.09
Change-39.69