27th Jun 2019 12:32
(Alliance News) - Windar Photonics PLC on Thursday said its loss more than halved in 2018 as partial delivery on a Chinese market order boosted revenue.
The technology company, whose wind sensor is used in wind turbines, posted a EUR913,408 pretax loss as revenue grew 59% to EUR3.5 million for 2018. This compares to a EUR2.3 million loss on EUR2.2 million of revenue the year before.
"The revenue growth realised in 2018 was strongly supported by the partial delivery on the announced order for the Chinese [independent power producers] market announced in December 2017," said Chair Johan Blach Petersen.
Most of Windar's revenue was from the retro-fit market, where Windar's LiDAR wind sensor is fitted to existing electricity-generating wind turbines, and largely in Asian markets.
"While 2018 presented some supply chain challenges on the back of increased demand for our products, we have taken action to address this situation. Therefore, whilst not fully achieving our targets in 2018, based on our current customer projects with Vestas Service and the continued demand from our Asian partners, I expect Windar to continue its positive development in the coming years," said Windar Chief Executive Jorgen Korsgaard Jensen
"In addition, given the significant investments our [original equipment manufacturer] customers are making to integrate our LiDAR products on various wind turbine platforms, I expect this market segment to become an additional key growth driver for Windar in the near future. The combination of this with the continued growth of the retro-fit market will help us achieve our ambition to build a strong and profitable company and leading supplier to the wind energy industry."
Shares in Windar were flat at 44.00 pence in London on Thursday.
Related Shares:
Windar Photo