24th May 2018 13:47
LONDON (Alliance News) - Windar Photonics PLC, which manufactures components for wind turbines, said on Thursday that it recorded a narrowed annual loss as revenue jumped significantly.
In 2017 the company's pretax loss was slimmed by more than a third to EUR2.3 million from EUR3.3 million in 2016.
Revenue climbed 85% to EUR2.2 million from EUR1.2 million. The company noted that it would have more than broken even if all of its 2017 orders had been delivered within the year.
"Even though not fully reflected in our annual results...2017 saw a record order intake level which...would have exceeded our financial breakeven point, and I am very pleased with the significant order backlog carried into 2018," said Windar Chief Executive Officer Jorgen Korsgaard Jensen.
Loss per share totalled 5.4 cents, a substantial reduction from 8.1 cents the year before.
Windar's annual pretax loss also was improved by a sharp drop in administrative expenses to EUR3.0 million from EUR3.8 million in 2016 after closing all sales and representation offices in Spain, Denmark, and Canada.
The company said that it intends to implement further cost-saving measures in 2018 and is confident about its future.
Windar will hold its annual general meeting on June 25.
Shares in Windar Photonics were down 1.8% at 95.75 pence on Thursday.
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