26th Jun 2020 11:28
(Alliance News) - Windar Photonics PLC on Friday predicted a significantly widened loss for 2019 and said that it is unable to provide any guidance for 2020 due to the Covid-19 related uncertainty.
Windar develops technologies that optimise the energy output of wind turbines.
The Denmark-based company said revenue for 2019 was EUR1.2 million, down 66% from EUR3.5 million. Loss before interest, tax, depreciation, and amortization was EUR1.9 million, widened from a loss of EUR400,000 in 2018. Operating costs increased to EUR2.5 million from EUR2.2 million.
Trade receivables as at the end of December were EUR500,000 compared to EUR600,000 the year before, while the order backlog at the end of 2019 for deliveries in 2020 totalled EUR100,000, down significantly from EUR1 million at the end of 2018.
"Trading conditions remained challenging with the conversion of the sales pipeline into confirmed orders being slow. At the same time, the company experienced a slowdown in development of mainly Chinese projects. As with previous years, the OEM market remained sluggish and agreeing test schedules with them was often drawn out," Windar said.
Turning to 2020, the company said it has seen a slowdown in delivery of LiDAR and other equipment, primarily due to the global slowdown resulting from the Covid-19 pandemic. However, it said it has received orders worth more than EUR1.7 million for delivery in 2020 with the current order backlog and sales pipeline for the rest of 2020 and 2021 stronger than as at the end of 2019.
Despite this, it said it believes it is inappropriate to provide forward looking guidance due to uncertainties amid the Covid-19 pandemic.
Full unaudited results for 2019 will be released in early September.
Windar Photonics shares were trading 13% lower at 17.00 pence each on Friday morning in London, and 43% lower than at the start of the year.
By Ife Taiwo; [email protected].
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