http://www.crystalox.com/

With 25 years in solar technology development, PV Crystalox Solar is a leading manufacturer of multicrystalline silicon ingots and wafers, the key component in solar power systems.

Its customers, the world's leading solar cell producers, combine these wafers into solar modules to harness the clean, silent and renewable power from the sun.

PV Crystalox Solar is playing a central role in making solar cost competitive with conventional hydrocarbon power generation, and as such continues to seek to drive down the cost of production whilst increasing solar cell efficiency. The gap between the cost of solar power production and utility energy is decreasing year on year.

With a long history of production with high growth and profitability, PV Crystalox Solar is well placed to benefit greatly from the rapid growth in the solar energy market

London, United Kingdom: PV Crystalox Solar Plans Listing on London Stock Exchange

PV Crystalox Solar, a producer of solar-grade silicon products for solar electricity generation systems, today announced its intention to proceed with an initial public offering of its ordinary shares, which are intended to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.

JPMorgan Cazenove has been appointed as sponsor to the Company and global coordinator and sole Bookrunner in relation to the offer. Jefferies International Limited has been appointed as co-lead manager.

PV Crystalox Solar, initially established in the UK in 1982, is a highly specialised supplier to the worlds leading solar cell manufacturers, producing multicrystalline silicon ingots and wafers for use in solar electricity generation systems. The Group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production.

PV Crystalox Solar manufactures silicon ingots in Oxfordshire, United Kingdom, with the majority of its output shipped to Japan, where it is sold either as ingots or as wafers after processing by a sub-contractor. The balance of the Groups ingots are processed into wafers for European customers at the Groups facilities in Erfurt, Germany. The German operation is constantly developing the Groups wire saw technology for the production of thinner wafers.

PV Crystalox Solar has strong, long-established relationships with major solar cell manufacturers, including Sharp and Schott Solar. The Group does not compete with its customers and is therefore able to work closely with them to improve wafer quality and minimize costs.

By focusing purely on the production of solar-grade silicon products, the Group benefits from the higher margins available to companies in the upstream of the photovoltaic value chain, where there are fewer competing manufacturers and higher barriers to entry.

PV Crystalox Solar has an established record of delivering strong financial performance. The Group recorded revenues of 242m for the year ended 31 December 2006, an increase of 32% (31 December 2005: 183m) and a 56% increase in Group pre-tax profits to 49m (31 December 2005: 31.3m)

In 2006 the Group produced silicon wafers and ingots corresponding to a solar electricity generation capacity of 215 MWp. As at the end of 2006 the Group had available production capacity equivalent to 288 MWp and employed around 200 staff.

Iain Dorrity, Chief Executive Officer, PV Crystalox Solar said PV Crystalox Solar has a long and successful history as one of the worlds leading manufacturers of solar-grade silicon products. Over the last five years we have been consistently profitable, trebling our sales and continuing to grow our margins. We look forward to listing on the London Stock Exchange, which we believe will further enhance our ability to grow the business.

The Group is proposing to build its own polysilicon production facility in Germany to secure an additional source of feedstock. The Directors believe that in-house polysilicon production will provide greater flexibility in sourcing its silicon feedstock. PV Crystalox Solar expects the facility to commence operation in 2009 with an initial planned production volume of 900 metric tonnes in that year, rising to 1,800 metric tonnes in 2011
http://www.solarbuzz.com/news/NewsEUCO396.htm

some nice moves today. Even better across JHL. Good thing got into both last week.

Hi All - I've just dipped my toe and while the SP is down at present I think they represent excellent value.

Hope your right for once queeny :-)

Let's hope so too, as we all await for across the Pond (the large pond that is)

got stopped out of this earlier... heading in wrong direction... will watch before deciding on a re-entry point...

I've decided to switch half my holding into Jetion (JHL), to spread geographical risk and hopefully benefit from the lower Chinese labour costs.

F******* crap stock.

I wouldn't go that far. It's taking a hammering, but it is a good profitable company. All solars suffering today. Shall stick with it for the time being but grateful to have switched 3/4 into Jetion.

I bought at 155p

hlyeo98 I bought in 156 but thank god got out at 172 ish with a nice profit. I had taken profit as I had too much stake in here. Sold all lot and waited. Can't believe the price today it went below 110.

Anyways back in here with a full load again at 118. Good luck

Another strong day in the offing here admittedly after quite a fall.

We seen some steady rises here of late and sentiment generally across the sector improves and today some healthy purchases coming in.

We do seem to be on a good run at present. Rated as a speculative buy again by Shares Mag last week in an article in the Green section about solar companies.

Interesting annoucement today that trading to materially beat forecast. Perhaps finally this will be heading higher and staying there!

Yes, very good news today. 2008 may be a very bright year!

(Well done Queenie if you stuck it out with Biffa!!)

Just posting from elsewhere - in the Times earlier this week:-
PV Crystalox Solar

If shares in this solar electricity generation specialist sit at a discount to Junes 130p issue price, that would appear to be no fault of its own. The Oxfordshire company - which, valued at 500 million, quietly qualified for the FTSE 250 in September - has done all that it said it would at the float, and continues to trade well.

Yesterday, PV Crystalox said that pretax profits would be materially ahead of expectations, such that earnings forecasts for the current year are now 20 per cent higher than they were six months ago. It also announced a five-year contract to supply 220 MW of multicrystalline wafers - silicon used by manufacturers such as Sharp to produce solar power cells - that is the equivalent of more than 20 per cent of current annualised volumes.

That is not to say that the pressures on the companys margins have abated. With the majority of its sales made to Japan, the weakness of the yen remains a problem. So, too, does the shortage of scrap silicon caused by the surge in demand for renewable power technology. But the attraction of PV Crystalox endures. It is one of the biggest players in a sector growing at 35 per cent a year and which, due to legislative measures across continental Europe and persisently high oil prices, should continue to prosper. A new factory in Germany will also give the company its own source of silicon from 2009. At 120p, or 13 times 2008 forecasts, a discount to its peers, the shares are worth buying on weakness.

KSFCM issues Buy rec, target 164p

Thanks Greyhound and yes, I stuck with Biffa!

Interesting broker recs. Jefferies comes out with buy, target 204p, Goldman neutral, target 115p and ABN buy - not sure of target price yet...