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Windar Photonics raises capital; sees losses narrowing in second half
StockMarketWire.com
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Wind sensor developer Windar Photonics said it had raised £495,000 via a share issue and expected to report a significantly lower second-half loss amid a rise in sales.
New shares in the company were issued at 11.25p each, with the proceeds to be used to strengthen the company's balance sheet and for general working capital requirements.
Chief executive Jorgen Korsgaard Jensen said Windar's revenue for the year through December was expected to rise around 21%.
'This increase has been driven by particularly strong growth in the second half of the year, with sales during that period expected to represent more than four times the value achieved in the first six months of the year and more than double the comparable period in 2019,' he said.
'This increase in revenue and recent cost saving initiatives are expected to result in a significant reduction in the underlying loss before tax in the second half compared to the first six months of the year.'
Story provided by StockMarketWire.com
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