Trading Update

RNS Number : 6584M

Windar Photonics PLC

22 January 2016

 

22 January 2016

Windar Photonics plc
(the "Company", "Windar Photonics" or the "Group")

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, announces a trading update based on the Company's sales for the year ended 31 December 2015.

The Company is pleased to announce that the revenue for the year ended 31 December 2015 was realised within the previously announced revenue guidance for the financial year at approximately €950,000. Despite not being able to achieve the originally planned revenue growth in 2015 primarily due to the previously announced delays in developing the Asian market, the Directors are encouraged by the level of sales from North America and Europe. Sales in 2015 were broadly evenly distributed between the Company's three principal markets of North America, Europe and Asia, with a significant increase in activity and results from the European and North American markets. The Directors remain confident that the significant interest shown by current customers who have completed testing of the Group's LIDAR systems in 2015,  customers currently testing the Group's LIDAR systems and new customers, including both utility companies and s wind turbine manufacturers, will enable the Company to increase revenue substantially in 2016.

The Group has an exclusive distribution agreement in place with LSAP Holdings AG (known as "TRES Wind"), based in Switzerland for primarily the Chinese market, which is dependent on certain sales levels being achieved in 2015.  On 30 September 2015, the Company announced that as the Directors expected that the necessary sales level target would not be achieved, the Directors would be considering the Company's options going forward. As a result of these considerations and the failure of the distributor to achieve the required sales levels, the Company has given six months' notice to terminate the exclusive distribution agreement.. The Company considers that the Chinese market will remain one of the most important markets in 2016 and intends to address the Asian market from its established offices in Beijing and Shanghai.

For further information:

Windar Photonics plc	Martin Rambusch, CEO	[phone]
Sanlam Securities UK Limited (Nomad and Broker)	David Worlidge	[phone]

http://investor.windarphotonics.com

 

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