12th Jun 2015 08:24
LONDON (Alliance News) - Windar Photonics PLC said Friday that delays in expanding sales and installations in the Asian retrofit market will cause a "material" hit to its sales and losses for 2015, although it expects sales in the rest of the world to be in line with its expectations.
Windar Photonics provides lidar - or light detection and ranging - systems for wind turbines.
The company said it has seen delays primarily related to expanding and educating the service and installations team operated by its distribution partners in Asia, which led to an overall delay in expanding its installations and sales in the region during the first five months of 2015. It expects to see this delay continue into its second half.
Windar has established a representative office in Shanghai to provide local technical support to its distribution partner in an effort to resolve these issues. The company believes the issues are short term in nature and reiterated confidence in its outlook for sales in Asia in the mid to long term.
The company said it received its first test order for a retrofit control system it launched last month from US based IQ Innovations LLC, as well as first test order for a newly developed 40beam lidar system from a European wind turbine manufacturer.
Windar Photonics said that although these systems "are only expected to have a minor impact on the revenues for 2015, these two new business areas are expected to further underpin revenues in 2016 and beyond."
Shares in Windar are trading down 8.2% at 137.70 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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