Windar Photonics PLC Trading Update (7831K)
July 12 2017 - 1:00AM
UK Regulatory
TIDMWPHO
RNS Number : 7831K
Windar Photonics PLC
12 July 2017
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
12 July 2017
Windar Photonics plc
("Windar" or the "Company")
Trading Update
Windar Photonics plc (AIM:WPHO), the technology group that has
developed a cost efficient and innovative LiDAR wind sensor for use
on electricity generating wind turbines, is pleased to announce a
trading update for the six months ended 30 June 2017.
The Company has continued the improving trend seen in the second
half of 2016 throughout the first half of the current financial
year. Revenue in the first half has increased to EUR1.3 million,
representing growth of 62% on H1 2016 (EUR0.8 million) and is
already higher than the total revenue recorded during the last full
financial year (EUR1.2 million).
Efforts to realign operational expenses have resulted in an
operational cost reduction (excluding depreciation, amortisation
and warrants costs) of 47% to EUR1.0 million (H1 2016: EUR1.8
million). As a result of the increased revenue and the lower cost
base, the Company has reduced net losses in H1 2017 by 52% to
EUR0.8 million (H1 2016: EUR1.8 million) and its EBITDA loss has
been reduced by 73% to EUR0.4 million (H1 2016: EUR1.4
million).
Further details of trading in the first half of the year
together with a business update will be provided in the financial
results for the six months ended 30 June 2017.
Jørgen Korsgaard Jensen, CEO of Windar, said:
"We have seen significant progress in the first half of 2017
with increased sales and our cost base now benefitting from the
actions taken in H2 2016. With some 14 distributors now in place
for the IPP retrofit market, we have seen good progress with new
orders in 2017 especially from the Asia region whereas in the first
half of 2017 we have not yet seen the full benefit of our new
strategy within the IPP market segments in Europe and North
America. In the first half of 2017, revenue from the important OEM
market segment accounted for only a fraction of the overall revenue
numbers. However, we continued to work closely with the majority of
the top 20 OEMs worldwide for direct integration of our products
into their new turbine platforms, which of course is fundamental
for reaching our long-term targets for the Company.
Overall and despite the clear improvement over last year, our
full focus remains on improving our trading further, and also
working towards obtaining larger scale OEM and IPP orders."
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45-24234930
Cantor Fitzgerald Europe Andrew Craig
Nominated Adviser and Broker Richard Salmond +44 (0)20 7894 7000
About Windar:
Windar Photonics is a technology group that develops
cost-efficient and innovative Light Detection and Ranging ("LiDAR")
optimisation systems for use on electricity generating wind
turbines. LiDAR wind sensors in general are designed to remotely
measure wind speed and direction.
http://investor.windarphotonics.com
This information is provided by RNS
The company news service from the London Stock Exchange
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