30th Sep 2019 11:02
(Alliance News) - Wind energy focused remote sensing equipment maker Windar Photonics PLC said Monday its interim loss deepened sharply amid contract rescheduling and a focus on new contracts.
For the six months ended June, pretax loss deepened to EUR1.1 million from EUR307,261 the year prior. This was after revenue halved to EUR730,597 from EUR1.7 million the year before.
"Although our results for the period have been affected by some customer rescheduling and a decision to position ourselves more strongly for OEM (original equipment manufacturers) contracts currently under negotiation, we currently expect to achieve a revenue for the full year 2019 equal to or better than 2018," Windar Chief Executive Officer Jorgen Korsgaard Jensen said.
In 2018, Windar reported revenue of EUR3.5 million with pretax loss standing at EUR913,408.
During the period, the firm ended a distribution relationship with a Chinese firm in order to better position it to get new OEM contracts.
"The traction we are experiencing with customers is pleasing and we look forward to updating the market regarding progress being made in relation to our OEM and IPP strategies in the coming months", Korsgaard Jensen added.
Shares in Windar were 1.3% lower at 44.40 pence in London on Monday.
By Ahren Lester; [email protected]
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