25th Sep 2018 11:54
LONDON (Alliance News) - Windar Photonics PLC said on Tuesday its loss narrowed in the first half of 2018, as costs fell and revenue grew during the period, giving the group full confidence in revenue growth for the full-year.
The wind turbines components manufacturer reported a narrowed pretax loss for the six months to the end of June at EUR307,261 from EUR760,849 the year before, due to reduced administrative costs of EUR1.1 million from EUR1.4 million.
There was also growth in revenue, to EUR1.7 million from EUR1.3 million the prior year, with the majority of revenue being made from the independent power producer retrofit market, which is expected to see accelerated growth in future period due to a stronger distribution network.
This is through the entry into a global distribution agreement with wind turbine manufacturers Vestas Wind Systems AS in June.
Full-year revenue is expected to be in the range of EUR4.0 million to EUR4.5 million, up from EUR2.2 million the year before, and earnings before interest, taxes, deprecation and amortisation is set to be in line with management expectations.
"Our revenues and gross profit have both increased substantially during the period, reflecting the market's increased recognition of the superior quality of our LiDAR based sensors for turbine optimisation in terms of cost, weight and output," said Chief Executive Officer Jorgen Korsgaard Jensen.
"This growth was achieved even before securing Vestas as a distribution partner post period end and this, together with the progress we continue to make in terms of securing an OEM contract, which could be transformational to our business, underpins our confidence that Windar is well positioned to show continued growth in the second half of 2018," Jensen added.
Shares in Windar Photonics were up 3.0% at 85.00 pence on Tuesday.
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