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May 28 (Renewables Now) - Windar Photonics plc (LON:WPHO), which has developed a LiDAR wind sensor for wind turbines, narrowed its net loss in 2017 as revenue rose 85% to EUR 2.2 million (USD 2.6m).
Net loss was cut to EUR 2.2 million from EUR 3.2 million in 2016, while gross profit increased to EUR 912,617 from EUR 568,782, the company said last week. The improved bottom line also reflects a continued reduction of operational costs, it explained.
Order intake was up substantially to EUR 5.9 million from EUR 1.4 million and Windar Photonics ended the year with order backlog for 2018 deliveries of EUR 3.9 million, compared to around EUR 200,000 a year ago.
"Even though not fully reflected in our annual results for 2017, 2017 saw a record order intake level which, if delivered within one year, would have exceeded our financial breakeven point, and I am very pleased with the significant order backlog carried into 2018," said chief executive Jorgen Korsgaard Jensen.
(EUR 1 = USD 1.163)