Clipper Windpower trims loss in H1 2010

(ADPnews) - Sep 30, 2010 - UK wind turbine maker Clipper Windpower Plc (LON:CWP) posted today a net loss USD 26.7 million (EUR 19.6m) for the first half of 2010, compared with USD 120.2 million the year before, despite a slump in revenues.

The company said it expected results in the second half to be better than the current report and those in the second half of 2009.

It swung to a gross profit of USD 6.4 million from a gross loss of USD 81.5 million, on the back of improved sales prices and decreased net warranty and remediation-related expenses.

Revenue declined to USD 154 million from USD 357.3 million a year earlier, with only 43 turbines sold, compared with 127 in the corresponding period of 2009. Still, Clipper recorded active proposals for 1,750 MW turbines and some 4,500 MW proposals in negotiations, driven by its expansion outside the US and its recent warranty support agreement with United Technologies Corp (NYSE:UTX).

Orders for the full year are expected at 140 to 150 turbines.

At the end of June, the company's unrestricted cash balance stood at USD 140 million. At present it is USD 85 million as a result of components purchases for turbines for delivery this year and weaker deposits from new and existing orders.

(USD 1 = EUR 0.732)

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