30th Sep 2015 13:43
LONDON (Alliance News) - Windar Photonics PLC Wednesday said it expects its full year revenue for 2015 will be in line with 2014 as a result of a delayed build up in sales, as it reported a widened pretax loss for the first half of 2015, hit by costs related to its listing on AIM.
The wind sensor technology company reported a pretax loss of EUR1.6 million, widened from a pretax loss of EUR998,532 a year before, as revenue fell to EUR145,075 from EUR431,574, partly due to costs relating to its listing on AIM.
The company attributed its lower revenue to a delay in developing the Asian market, mostly due to installation issues on its initial deployments of its technology systems in China. It has now resolved these issues, it said. The company has a exclusive distribution agreement in the area, which it said is dependant on certain sales levels being achieved in 2015.
As it does not expect to meet this level, it is considering its options to capitalise on interest from Chinese wind park operators and original equipment manufacturers.
It expects orders from the rest of the world will likely meet its expectations, although some have come in later than planned and may now be delivered in 2016.
Shares in Windar Photonics were untraded Wednesday afternoon. It last closed at 124.45 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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