29th May 2015 09:22
LONDON (Alliance News) - Windar Photonics PLC Friday posted a widened pretax loss for 2014 as a result of costs related to its listing on AIM in March 2015.
Windar Photonics provides lidar - or light detection and ranging - systems for wind turbines.
It posted a pretax loss of EUR2.7 million for 2014, widened from a loss of EUR1.5 million in 2013, as revenue rose to EUR1.0 million from EUR74,141, but was offset by EUR668,724 in costs related to its listing.
The company said the wind energy industry has continued to develop during the year, which provides an "excellent opportunity" for its business. It recently concluded a project with the EUDP, a Danish state funded project for new energy technology, but said that further funding of EUR1.1 million has been obtained from this project for 2015 and 2016 to support its technological process.
It has also obtained additional funding through the Danish Market Development fund to allow for further development of its lidar technology.
It said it had met its sales targets for 2014, and is now well positioned for its current year, particularly in the Chinese market.
"With the necessary funding in place and a growing global presence, Windar Photonics is well positioned to meet the challenges of tomorrow and further consolidate Windar Photonics' position in the market for Lidar-based wind turbine optimisation," the company said in a statement.
Shares in Windar Photonics rose 2.6% at 124.20 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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