Windar Photonics PLC Trading Update (1716S)
19 December 2016 - 6:00PM
UK Regulatory
TIDMWPHO
RNS Number : 1716S
Windar Photonics PLC
19 December 2016
19 December 2016
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")
Windar Photonics 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 hereby announces a trading
update for the year ending 31 December 2016.
While the Company has continued to experience an increased
interest in its product offerings and particularly interest from
major OEMs and large IPPs for participating in the Company's
recently launched Wake optimization project, due to timing,
logistics and in some cases the need for customization of
deliveries, actual delivery of some of these projects is now
expected to be pushed into 2017. As such, the Board now expects
annual revenue for 2016 to be in the range of EUR1.5 million to
EUR2.0 million, which is slightly below market expectations but
still represents revenue growth of between 60% and 100% compared to
2015.
We have made substantial progress in 2016 by targeting OEM's for
direct supply on turbines and IPP's using specific turbines where
we have clearly identified the potential for enhanced power and
load reductions through the installation of our range of LiDAR
devices. A number of these negotiations and trials are ongoing and
we are therefore confident that 2017 will be a further year of
progress.
Jørgen Korsgaard Jensen, Interim Chief Executive Officer of the
Company, commented:
"As previously announced on 12 October, the Company has launched
a new wake detection and turbine optimization project in
partnership with DTU. The launch of this project is the single most
important new project/development in 2016 and we are currently
experiencing outstanding interest from both existing and new
customers to join the project. This is expected to support our high
growth expectations going forward. We look forward to drawing
negotiations for multi-unit new sales to a number of OEMs and IPPs
to a positive conclusion, while also fulfilling re-orders from our
international customer base"
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, Interim CEO +45 24234930
Cantor Fitzgerald Europe Andrew Craig
Nominated Adviser and Broker Richard Salmond +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
This information is provided by RNS
The company news service from the London Stock Exchange
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