7th Jun 2016 08:55
LONDON (Alliance News) - Wind sensors developer Windar Photonics PLC on Tuesday said its pretax loss widened in 2015 after it suffered issues in its Chinese operation.
Windar's pretax loss for the year to the end of December was EUR3.9 million, compared to a EUR2.7 million loss in 2014. Revenue declined to EUR945,905 from EUR1.0 million.
The company was hit in the year by weaker-than-expected sales in China, which failed to materialise after distribution issues in the country and, in January, after it terminated its agreement in the country.
In future, Windar said, it will eschew the distribution model and sell directly to original equipment manufacturers and larger wind farm operators in China to prevent this from happening again.
Windar said it has seen a good level of interest from wind turbine manufacturers and operators in China and secured orders for two large-scale utilities in North America in the year.
"In 2015, Windar made significant process in increasing its global brand recognition with wind turbine manufacturers and wind park operators. The company is now looking to build upon its proven technology and pipeline of opportunities and is pleased with the progress made already in 2016. The board remains confident for 2016 and for the future," said Chief Executive Martin Rambusch.
Shares in Windar were untraded on Tuesday morning, having last traded at 111.70 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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