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Windar Photonics PLC - Copenhagen, Denmark-based light detection and ranging optimisation systems for monitoring wind turbines - Shares resume trading on AIM in London on Monday after publishes delayed 2021 results on Friday. With the resumption of trading, Windar places 12.2 million new shares at 15 pence each to raise €2.4 million before costs.
Pretax loss narrows to €1.4 million in 2021 from €1.6 million in 2020, despite revenue from contracts with customers halving to €551,535 from €1.3 million. Windar cuts administrative expenses to €1.9 million from €2.2 million. ‘Despite entering 2021 with a substantial order backlog and a positive outlook regarding potential new orders on the back of the very positive results realized in our test projects in North America during 2020, the ongoing Covid-19 pandemic unfortunately continued to have a significant impact on the ability of the company to deliver orders during the year,’ says Chair Johan Blach Petersen.
Also releases results for first half of 2022, with the pretax loss narrowing to €880,317 from €962,340, as revenue rises to €420,555 from €305,991. Windar says the majority of the revenue is realised in June, when initial deliveries to Vestas Service (North America) ‘finally commenced’. Receives €1.6 million in new orders during the half year, up from €900,000 in the first half of 2021, growing its order backlog as of June 30 to €3.8 million from €2.2 million a year before. ‘Despite the continued Covid-related challenges experienced during the period, which severely impacted planned production and customer shipments, the overall market developments have been encouraging in 2022,’ Windar says.
Current stock price: 16.94p, up 114%
12-month change: down 99%
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