H1 17 Revenue is already more than FY16.
Companies: Windar Photonics Plc
Windar Photonics (AIM: WPHO) Interims out today show strong growth in the first half of 2017, with half-year revenues already reaching that of full-year 2017.
Revenue is up to €1.3m (FY16 €1.2m), an increase of 67% while EBITDA loss reduced 71% to €0.4m from H1 16's €1.4m.
The Group also reported a 47% reduction in operating costs to €1m, down from €1.8m in H1 16.
The AiM-listed Danish company develops sensors for wind turbines used to generate electricity.
Management said that the revenue growth in the first six months of the year was driven by particularly strong growth in Asia, whereas the full benefit of their new market strategy in Europe and North America has not yet been realised.
Management went on to say that the Group continues to expand its distributor network within the Independent Power Produce retrofit market, with 14 distributors globally at the end of H1 17.
Group founder Jørgen Korsgaard Jensen has been interim CEO since late 2016 and has now stepped into the position full-time the statement also said.
Edison released a research note regarding the Group's Interims, saying:
"Our estimates and valuation remain suspended until there is more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales."
With a market cap of £39m, Windar trades at a PE ratio of 4x versus the industry median of 14x.
