8th Dec 2023 10:48
(Alliance News) - Windar Photonics PLC on Friday said it expects to miss its full-year revenue target due to to supply chain difficulties, but announced a new contract win with an existing customer.
Windar is a London-based technology group, which has developed a cost-efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines.
It said that due to supply chain challenges being "greater than envisaged" it said it will miss its previously announced revenue expectations for the full year of EUR6.5 million, expecting total income to be closer to the EUR5.0 million level. In 2022, Windar generated revenue of EUR1.9 million.
In addition, the company expects earnings before interest, tax, depreciation and amortisation to be aorund EUR700,000, compared to an Ebitda loss of EUR800,000 a year ago.
Nevertheless, Windar assured that "this outcome would still represent a record-breaking revenue for the company and its maiden profit."
Windar also announced that it had received a EUR2.6 million order from an unnmaed existing Chinese customer, which is due in 2024.
It also expects to sign an additional order from another existing Chinese customer in "the near term", worth EUR1.5 million.
Looking ahead, Windar said it is confident it will confirm more orders in North America, Australia and Japan.
"Given the very healthy outlook for order volumes, the board remains resolutely committed to increasing production capacity beyond 2,000 systems per year and, notwithstanding the recent supply chain issues, we expect this to be achieved during the latter half of 2024," the company said.
Shares in Windar fell 1.3% to 47.85 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.