Windar Photonics Plc (LON:WPHO), a Danish company that makes Lidar sensors for wind turbines, today reported a pre-tax loss of EUR 1.83 million (USD 2m) for the first half of 2016, compared to a loss of EUR 1.56 million a year ago.
Revenue showed a significant increase to EUR 775,813 from EUR 145,075, but the company said growth was below previous expectations due to delays of planned installations within the retro-fit segment in the US and Europe. A number of successfully completed tests and trial orders have not yet led to the expected follow-on orders and remain under negotiation, it added.
Windar Photonics said it believed that orders would continue to be forthcoming and that it might meet or exceed the level of orders needed to achieve expected 2016 revenues in the remainder of the year. Due to lead times and delivery schedules, however, some of the revenue would not be fully recognised in the current year and results for the full year were therefore likely to be below current market expectations, it added.
In spite of the wider first-half loss, the company expects "a substantially improved result" in the second half thanks to both increased sales and a cost reduction programme.
As the main priority for the business now is to convert potential sales into firm orders, its current chief executive Martin Rambusch will step down to drive the sales effort as chief commercial director. Founder Jorgen Korsgaard Jensen will act as interim CEO.
(EUR 1.0 = USD 1.100)
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