Windar Photonics PLC Trading Update (9824D)
February 06 2018 - 1:00AM
UK Regulatory
TIDMWPHO
RNS Number : 9824D
Windar Photonics PLC
06 February 2018
6 February 2018
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.
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 12 month period ended 31 December 2017.
Overall, the Company continued to make good progress in all of
its important key areas. These included the following (which remain
subject to audit):
-- Revenue increased to EUR2.2 million, up by 84% on revenue in
2016 (EUR1.2 million), and Gross Profit was EUR1.0 million against
EUR0.6 million in 2016
-- Order intake in 2017 of EUR5.9 million up four-fold compared to 2016 (EUR1.4 million)
-- Order backlog at the end of 2017 for deliveries in 2018 increased to EUR3.9 million up from
EUR0.2 million at the end of 2016
-- Continued reduction in operational costs (excluding
depreciation, amortisation and warrant costs) by 30% to EUR2.1
million (2016: EUR3.0 million) despite realising costs related to
the realignment process carried through in 2017. As a result of the
above the net EBITDA loss for the year is reduced by 57% to EUR1.1
million (2016: EUR2.4 million)
-- Cash holdings at the end of 2017 amounted to EUR1.3 million
including restricted cash holdings of EUR0.2 million (2016: EUR0.8
million and EUR0.0 million, respectively)
As part of our realignment process undertaken in 2017, combined
with extending our distribution network around the world, we have
now further reduced costs with closures of offices other than our
headquarters and main production facility in Copenhagen (Denmark)
and our sales and service office in Shanghai (China).
Despite the reduction in the overall operational cost level, the
Company has in 2017 increased resources within our Wind Analytic
and Turbine Optimisation team who have been focusing on developing
new features such as wake and turbulence detection. These
developments have led to a record number of ongoing OEM turbine
integration projects at the end of 2017. This development, combined
with a substantial reduction of the Company's core product costs
during the year, permits competitive pricing of Windar products in
the market.
Further details of trading in 2017 together with a business
update will be provided in the final results for the year ended 31
December 2017 which are expected to be released in late April
2018.
Jørgen Korsgaard Jensen, CEO of Windar, said:
"2017 was a record year for the Company and I am particularly
pleased that we enter 2018 with a significant order backlog and
with further orders already recorded in 2018. Following the build
out of our distributor network in key wind markets with credible
partners, we have been able to further rationalise the business to
focus on what we do best - developing further LiDAR solutions to
reduce costs and to improve the performance of both existing and
new build wind farms. Also, with a record number of ongoing OEM
integration projects, we expect that some of these will translate
into larger scale orders for new turbine design wins in 2018
supporting our long-term revenue targets.
These factors, along with the reduction in our core product cost
base, have laid the foundation for further progress in 2018. "
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45-24234930
Andrew Craig
Cantor Fitzgerald Europe Richard Salmond
Nominated Adviser and Broker David Foreman +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
END
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