Windar Photonics PLC Trading update (1342R)
June 26 2020 - 1:00AM
UK Regulatory
TIDMWPHO
RNS Number : 1342R
Windar Photonics PLC
26 June 2020
26 June 2020
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 and
Extension for Reporting 2019 Financial Results
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, announces an unaudited
trading update for the year ended 31 December 2019 ("FY19") and
also for 2020 year to date. In addition, the Company has been
granted a three month extension by Companies House for the
reporting and filing of its financial results for FY19.
2019 trading update
-- Revenue EUR1.2 million (2018: EUR3.5 million)
-- Operating costs (ex. depreciation, amortisation and warrant
costs) of EUR2.5 million (2018: EUR2.2 million)
-- EBITDA loss of EUR1.9 million (2018: loss EUR0.4 million)
-- Net cash of EUR1.4 million including restricted cash
holdings* of EUR0.4 million (2018: EUR2.2 million and EUR0.5
million, respectively)
-- Trade receivables at 31 December 2019 of EUR0.5 million (2018: EUR0.6 million)
-- Order backlog at the end of 2019 for deliveries in 2020
totalled EUR0.1 million (2018: EUR1.0 million)
Further to the Company's trading update on 8 November 2019,
trading conditions remained challenging for the rest of FY19 with
the conversion of the sales pipeline into confirmed orders being
slow. At the same time, the Company experienced a slowdown in
development of mainly Chinese projects. As with previous years, the
OEM market remained sluggish in 2019 and agreeing test schedules
with them was often drawn out. In addition, the Company's
distribution agreement with Vestas had a very slow start.
Trade receivables as at 31 December 2019 were EUR0.5 million
(2018: EUR0.6 million) of which EUR0.4 million were more than 6
months old (2018: EUR0.4 months). Whilst most of these overdue
balances are with large and reputable clients, it is possible that
some of these will need to be impaired, in whole or in part. The
Company is actively seeking payment of these receivables and will
provide a further update in its FY19 final results.
* Restricted cash balances relate to transactions entered into
between the Group and external financial parties.
2020 trading update and COVID-19 update
The Company has remained in operation during the COVID-19
pandemic with those able working from home and those required in
the facility, including manufacturing personnel, doing so under
government guidelines. The safety of our colleagues has been
foremost during this time and we have taken prudent actions to
provide a safe work environment. The Company has undertaken cost
reductions to maximise its cash position, but has not sought any
government grants or funding, and no staff have been
furloughed.
Given the Company's concentration of contracts for projects in
China and with Chinese clients generally, there has been a slowdown
in delivery of LiDAR and other equipment compared with internal
budgets, principally due to the global slowdown resulting from the
COVID-19 pandemic. Despite this, the Company has obtained orders in
2020 to date for more than EUR1.7 million for delivery in 2020.
The current order backlog and sales pipeline for the rest of
2020 and 2021 are stronger that as at 31 December 2019. In
addition, 2020 is seeing, for the first time in the Company's
history, sustained progress from the OEM market with order intake
for OEM sales being larger than the retrofit market, and at the
same time, improved progress with Vestas on retrofit projects.
However, given the inherent uncertainties surrounding COVID-19,
the Board continues to believe it is inappropriate to provide
forward looking guidance to investors and analysts at the current
time.
Further information will be provided in the final results for
FY19 which are expected to be released in early September 2020.
For further information:
Windar Photonics plc Martin Rambusch, General Manager +45 21689476
Cantor Fitzgerald Europe
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
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END
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