Windar Photonics PLC Trading Update (1716S)

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    [phone] 
 Cantor Fitzgerald Europe         Andrew Craig 
  Nominated Adviser and Broker     Richard Salmond                             [phone] 
 

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

END

TSTLFFFFFLLTLIR

(END) Dow Jones Newswires

December 19, 2016 02:00 ET (07:00 GMT)