Windar Photonics PLC 2018 Trading Update (5650P)
February 11 2019 - 1:00AM
UK Regulatory
TIDMWPHO
RNS Number : 5650P
Windar Photonics PLC
11 February 2019
11 February 2019
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")
2018 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 an
unaudited trading update for the year ended 31 December 2018.
Overall, the Company continued to make progress in all of its
key areas:
-- Total revenue recognised increased 59% to EUR3.5m (2017:
EUR2.2m) and record volume of product shipped, with such revenues
up 80% in 2018 to EUR3.6m (2017: EUR2.0m)
-- Gross profit up 86% to EUR1.7m (2017: EUR0.9m)
-- Operating costs (ex. depreciation, amortisation and warrant
costs) unchanged at EUR2.1m (2017: EUR2.1m) - despite considerable
increases in operational costs in the Shanghai sales and service
office and R&D (primarily wind analytics and turbine
integration)
-- EBITDA loss reduced by 71% to EUR0.36 million (2017: loss EUR1.22m)
-- Order backlog at the end of 2018 for deliveries in 2019 totalled EUR1.0m (2017: EUR3.9m)
-- Net cash of EUR2.2 million including restricted cash holdings
of EUR0.5 million (2017: EUR1.1 million and EUR0.2 million,
respectively)
Shortages of certain components in our supply chain during the
second half of 2018 impacted revenues generated in the year. These
shortages resulted in orders, primarily for the Asian markets
received in 2017 not being fully delivered during the year and
consequently being rolled into 2019. This issue was compounded with
expected new orders from these markets then being deferred, which
will now also be delivered in 2019. The primary reason for the
shortages were longer than expected running in times for new fully
automated compression moulding equipment which has since been
resolved and the Board are confident the supply chain is now
capable of supporting a substantial increase in order volumes going
forward.
As in prior years, revenues in 2018 were predominantly achieved
in the retro-fit market segment, primarily in our Asian markets.
The global distribution agreement with Vestas Service has not yet
had a material impact on the Company's revenues, however based on a
broad range of ongoing end-user projects with Vestas Service, as
well as other projects with our other distribution partners in
Asia, the Company expects to see continued growth within the
retro-fit segment as well as a more balanced spread of revenue
across geographies through 2019 and beyond.
Revenue from the OEM market segment in 2018 included just a
small number of orders for new test projects. At the end of 2018,
the Company had a record number of ongoing OEM turbine integration
projects, some of which are in the final turbine type verification
stages.
Further information will be provided in the final results for
the year ended 31 December 2018 which are expected to be released
in May 2019.
Jørgen Korsgaard Jensen, CEO of Windar, said:
While 2018 had unexpected challenges in fine tuning our external
and internal supply chains to support the increasing demand for our
products, we have taken action to significantly improve this
situation. Therefore, whilst not fully achieving our targets in
2018, based on our current customer projects with Vestas Service
and the continued demand from our Asian partners, I expect Windar
to maintain growth in line with previous years within the retro-fit
market segment in 2019. In addition, given the significant
investments our OEM customers are making to integrate our LiDAR
products on various wind turbine platforms, I expect this market
segment will begin to act as an additional key growth driver for
Windar in the near future. The combination of this with the
continued growth of the retro-fit market will help us achieve our
ambition to build a strong and profitable company."
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45-24234930
Cantor Fitzgerald Europe David Foreman
Nominated Adviser and Broker Richard Salmond +44 (0)20 7894 7000
Elisabeth Cowell
Newgate Communications Adam Lloyd
Financial PR Tom Carnegie +44 (0)20 7680 6550
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
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END
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