We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Windar Photonics Plc | LSE:WPHO | London | Ordinary Share | GB00BTFR4F17 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 37.00 | 36.00 | 38.00 | 37.00 | 37.00 | 37.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Meas & Controlling Dev, Nec | 1.85M | -1.08M | -0.0192 | -19.27 | 20.71M |
From Apr 2019 to Apr 2024
TIDMWPHO
RNS Number : 4360R
Windar Photonics PLC
22 September 2017
22 September 2017
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", the "Company" or the "Group")
Unaudited interim report for the six months ended 30 June 2017
Highlights
-- 62% increase in revenue to EUR1.3 million (H1 2016: EUR0.8 million) and above revenue generated during the whole of 2016
-- 47% reduction in operating costs to EUR1.0 million (excluding depreciation, amortisation and warrant costs) (H1 2016: EUR1.8 million)
-- 71% reduction in EBITDA loss to EUR0.4 million (H1 2016: EUR1.4 million) -- Expansion of distributor network to 14 distributors within the IPP retrofit market -- Major progress in OEM market and ongoing projects with 13 wind turbine OEMs -- Strengthened balance sheet post period with GBP1.25 million fundraise
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 its unaudited interim results for the six months ended 30 June 2017.
Chairman's Statement
I am pleased to report that we have started 2017 with many positive developments. After a challenging 2016 with many changes implemented within the Company, we are pleased to report revenue for the period amounting to EUR1.3 million (H1 2016: EUR0.8 million) representing growth of 62% against the same period last year and above the EUR1.2 million of revenue achieved during the full financial year in 2016.
We have also seen the benefits of our effort to realign operational expense levels in the first half of 2017, reducing our operational costs (excluding depreciation, amortisation and warrant costs) by 47% to EUR1.0 million (H1 2016: EUR1.8 million).
Overall the Group realised a net loss of EUR0.8 million for the period (H1 2016: EUR1.8 million loss) after depreciation, amortisation and warrant costs of EUR0.4 million (2016: EUR0.3 million). We are pleased to report that net EBITDA loss was reduced by 71% from EUR1.4 million in the first six months of 2016 to EUR0.4 million in the first six months of 2017.
Cash flow from operations showed a net outflow of EUR0.1 million for the period compared to a net outflow of EUR1.0 million in the first half of 2016. Excluding restricted cash holdings of EUR0.1 million, the net cash holding at the end of the period amounted to EUR0.4 million (H1 2016: EUR0.3 million), since which time the Company announced a GBP1.25 million fundraise (EUR1.4 million) before expenses, further strengthening its balance sheet.
In 2017 we continued to grow our distribution network for the IPP retrofit market segment and at the end of the period we had 14 distributors globally. The revenue growth in the first six months of the year was driven by particularly strong growth in Asia, whereas we have still not seen the full benefit of our new market strategy in Europe and North America. Despite still supporting our WindTimizer(TM) integration solution, as demonstrated by our contract win from a major IPP in Mexico, our primary focus area within the IPP retrofit market segment is still integrating our products through direct turbine integration. Today we have several such projects in conjunction with both OEMs and turbine control manufactures. We expect to finalise some of these projects within the foreseeable future, and they are expected to support continued revenue growth within this market segment.
The OEM market segment accounts for only a fraction of our total revenue and represents an exciting opportunity for significant growth. We have continued to make major progress with several OEMs, as demonstrated by our latest OEM project in China which was announced to the market in April. We have seen a strong uptick of interest in our product portfolio for direct integration with new wind turbine platforms. This interest is driven partly by new features which are now integrated throughout our product portfolio, such as turbulence and wake detection capabilities. These additional capabilities support our current projects with 13 wind turbine manufacturers which include the majority of the top 10 OEMs in the world. Some of these projects have been ongoing for some years, and based on recent results achieved during the first half of this year, we expect to realise design wins for new turbine platforms within the foreseeable future. Any of these projects taken individually has the potential to substantially increase our general activity and revenue, supporting our long term financial targets for the Group.
Despite reaching our realignment targets in relation to the general OPEX levels, we have at the same time been able to increase our resources within the Wind Analytics and Turbine Optimisation team, which in the first half of 2017 accounted for more than 50% of our total research and development resources. With the development and alignment of the beam scanning technology platforms in both our WindEye(TM) and WindVision(TM) product lines, the remaining research and development resources are today primarily focused on additional cost optimization projects in order to extend our existing cost price advantage versus our competitors.
I am also pleased that Jørgen Korsgaard Jensen has agreed to move to a permanent position as our Chief Executive Officer. Jørgen founded the Company and has been instrumental in building Windar into the business it is today. Based upon current traction with our customers and our increased product offering, the Directors believe that that the Group is well positioned to show continued growth in the second half of 2017 over the second half of 2016.
John Weston
Chairman
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45-24234930 Cantor Fitzgerald Europe Andrew Craig Nominated Adviser and Broker Richard Salmond +44 (0)20 7894 7000
http://investor.windarphotonics.com
Hot Features
Premium
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2017
Six months Six Year
ended months ended
30 June ended 31 December
2017 30 June 2016
2016
(unaudited) (unaudited) (audited)
Note EUR EUR EUR
Revenue 1,254,058 775,813 1,196,037
Cost of Goods Sold (683,530) (375,946) (627,255)
Gross profit 570,528 399,867 568,782
Administrative expenses (1,366,398) (2,175,327) (3,804,798)
Other operating income 5,021 - 69,074
Loss from operations (790,849) (1,775,460) (3,166,942)
Finance expenses (79,150) (51,209) (106,882)
Loss before taxation (869,999) (1,826,669) (3,273,824)
Taxation 24,093 59,223 128,109
Loss for the period (845,906) (1,767,446) (3,145,715)
Other comprehensive
income
Items that will or
maybe reclassified
to profit or loss:
Exchange losses arising
on translation of foreign
operations 3,836 (3,676) (22,087)
Total comprehensive
loss for the period (842,070) (1,771,122) (3,167,802)
========================== ============== =========================
Loss per share for
loss attributable to
the ordinary equity
holders of Windar Photonics
plc
Basic and diluted,
cents per share 2 (2.10) (4.60) (8.08)
-------------------------- -------------- -------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017
As at As at As at
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Notes EUR EUR EUR
Assets
Non-current assets
Intangible assets 1,043,610 1,202,791 1,183,675
Property, plant &
equipment 98,303 131,802 119,421
Deposits 50.519 92,182 54,072
Total non-current
assets 1,192,432 1,426,775 1,357,168
------------------------------ ------ ------------------- ------------ --------------------
Current assets
Inventory 3 616,282 943,216 993,657
Trade receivables 4 472,099 710,662 557,721
Other receivables 4 317,655 313,199 289,509
Prepayments 109,509 66,351 81,237
Cash and cash equivalents 390,876 254,795 783,166
Total current assets 1,906,421 2,288,223 2,705,290
------------------------------ ------ ------------------- ------------ --------------------
Total assets 3,098,852 3,714,998 4,062,458
------------------------------ ------ ------------------- ------------ --------------------
Equity
Share capital 5 513,327 498,853 513,327
Share premium 8,964,224 7,962,366 8,964,224
Merger reserve 2,910,866 2,910,866 2,910,866
Foreign currency
reserve (28,792) (14,217) (32,628)
Accumulated loss (11,241,162) (9,315,154) (10,530,769)
Total equity 1,118,463 2,042,714 1,825,020
------------------------------ ------ ------------------- ------------ --------------------
Non-current liabilities
Loans 6 973,209 876,220 921,751
------------------------------ ------ ------------------- ------------ --------------------
Total non-current
liabilities 973,209 876,220 921,751
------------------------------ ------ ------------------- ------------ --------------------
Current liabilities
Trade and other payables 7 680,961 526,474 603,950
Other liabilities 211,005 265,142 240,681
Invoice discounting 100,580 239,528
Deferred revenue 10,007 226,942
Loans 4,626 4,448 4,586
------------------------------ ------ ------------------- ------------ --------------------
Total current liabilities 1,007,180 796,064 1,315,687
------------------------------ ------ ------------------- ------------ --------------------
Total liabilities 1,980,389 1,672,284 2,237,438
------------------------------ ------ ------------------- ------------ --------------------
Total equity and liabilities 3,098,852 3,714,998 4,062,458
------------------------------ ------ ------------------- ------------ --------------------
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX
MONTHSED 30 JUNE 2017
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
EUR EUR EUR
Loss for the period
before tax (869,999) (1,826,669) (3,273,824)
Adjustments for:
Finance expenses 79,150 51,209 106,882
Amortisation 245,275 166,997 366,784
Depreciation 24,643 28,331 61,034
Received tax credit - - 120,305
Tax (paid)/received - - (22,008)
Foreign exchange difference 3,836 (18,629) (25,898)
Warrants expense 135,513 154,415 317,069
-------------------------------- -------------- -------------- ---------------
(381,582) (1,440,346) (2,349,656)
Movements in working
capital
Changes in inventory 377,375 (173,592) (224,033)
Changes in receivables 56,807 262,905 414,296
Changes in trade payables 37,368 338,819 416,295
Changes in deferred
revenue (216,935) - 226,942
Changes in other payables 10,007 (30,697) (55,158)
Cash flow (used in)
operations (116,960) (1,046,911) (1,571,314)
-------------------------------- -------------- -------------- ---------------
Investing activities
Payments for intangible
assets (163,856) (251,888) (474,435)
Grants received 58,292 - 48,420
Payments for tangible
assets (3,704) (9,507) (35,635)
Cash flow (used in)
investing activities (109,268) (261,395) (461,650)
-------------------------------- -------------- -------------- ---------------
Financing activities
Proceeds from issue
of share capital - 1,231,664 2,252,920
Costs associated with
the issue of share capital - (252,779) (257,703)
Proceeds from invoice
discounting (138,948) - 239,528
Net change in long
term borrowing (2,573) (814) (4,303)
Finance expenses (25,119) (880) (10.239)
Finance income - - -
Cash flow from financing
activities (166,640) 977,191 2,220,203
-------------------------------- -------------- -------------- ---------------
Net (decrease)/increase
in cash and cash equivalents (392,868) (331,115) (187,239)
Exchange differences 577 (7,997) 2,020
Cash and cash equivalents
at the beginning of
the period 783,166 593,907 593,907
Cash and cash equivalents
at the end of the period 390,876 254,795 783,166
-------------------------------- -------------- -------------- ---------------
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS
ED 30 JUNE 2017
Share Share Merger Foreign Accumulated Total
Capital Premium reserve currency Losses
reserve
EUR EUR EUR EUR EUR EUR
--------------------- ------------ ------------ ---------- ---------- ------------- ------------
--------------------- ------------ ------------ ---------- ---------- ------------- ------------
At 1 January
2016 487,688 6,994,646 2,910,866 (10,541) (7,702,123) 2,680,536
New shares issued 10,084 1,102,654 - - - 1,112,738
Costs associated
with capital
raise - (252,779) - - - (252,779)
New shares issued
in respect of
services rendered 1,081 117,845 - - - 118,926
Share option
and warrant
costs - - - - 154,415 154,415
------------ ------------ ---------- ---------- ------------- ------------
Transaction
with owners 11,165 967,720 - - 154,415 1,133,300
------------ ------------ ---------- ---------- ------------- ------------
Comprehensive
loss for the
period - - - - (1,767,446) (1,767,445)
Other comprehensive
loss - - - (3,676) - (3,676)
Total comprehensive
income - - - (3,676) (1,767,446) (1,771,122)
At 30 June 2016 498,853 7,962,366 2,910,866 (14,217) (9,315,154) 2,042,714
New shares issued 14,474 1,125,708 - - - 1,140,182
Costs associated
with capital
raise - (123,850) - - - (123,850)
Share option
and warrant
costs - - - - 162,654 162,654
------------ ------------ ---------- ---------- ------------- ------------
Transaction
with owners 14,474 1,001,858 - - 162,654 1,178,986
------------ ------------ ---------- ---------- ------------- ------------
Comprehensive
loss for the
period - - - - (1,378,269) (1,378,269)
Other comprehensive
loss - - - (18,411) - (18,411)
Total comprehensive
income - - - (18,411) (1,378,269) (1,396,680)
At 31 December
2016 513,327 8,964,224 2,910,866 (32,628) (10,530,769) 1,825,020
Share option
and warrant
costs - - - - 135,513 158,534
------------ ------------ ---------- ---------- ------------- ------------
Transaction
with owners - - - - 135,513 158,534
------------ ------------ ---------- ---------- ------------- ------------
Comprehensive
loss for the
period - - - - (845,906) (869,915)
Other comprehensive
Income - - - 3,836 - 3,836
Total comprehensive
income - - - 3,836 (710,394) (1,117,475)
At 30 June 2017 513,327 8,964,224 2,910,866 (28,792) (11,241,162) 1,118,463
1. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2017 and 30 June 2016 does not constitute the Groups statutory financial statements for those periods with the meaning of Section 434(3) of the Companies Act 2006 and has neither been audited or reviewed pursuant to guidance issued by the Auditing Practices Board. The annual financial statements of Windar Photonics plc are prepared in accordance with International Financial Reporting Standards as endorsed by the European Union ("IFRS"). The principal accounting policies used in preparing the Interim financial statements are those that the Group expects to apply in its financial statements for the year ended 31 December 2017 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2016.
The comparative financial information for the year ended 31 December 2016 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2016 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for 2016 was unqualified, did not include references to any matters which the auditors drew attention to by way of emphasis without qualifying their report and did not contain a statement under section 498(2)-498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue operating for the next 12 months. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated financial statements.
This interim report was approved by the directors.
2. Loss per share
The loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
EUR EUR EUR
Loss for the period (845,906) (1,767,446) (3,145,347)
------------- ------------- -------------
Weighted average number
of ordinary shares for
the purpose of basic earnings
per share 40,283,979 38,433,974 38,950,108
Basic loss and diluted,
cents per share (2.10) (4.60) (8.08)
------------- ------------- -------------
There is no dilutive effect of the warrants as the dilution would reduce the loss per share.
3. Inventory
As at
As at As at 31 December
30 June 30 June 2016
2017 2016
EUR EUR EUR
Raw materials 309,046 557,277 496,442
Goods in progress 219,539 154,375 110,654
Finished goods 87,697 231,564 386,561
Inventory 616,282 943,216 993,657
------------------- ---------- --------- -------------
4. Trade and other receivables
As at
As at As at 31 December
30 June 30 June 2016
2017 2016
EUR EUR EUR
----------------------------------- ---------- ---------- -------------
Trade receivables 400,221 710,662 557,721
Tax receivables 174,572 198,800 150,336
Restricted cash 71,878 - 30,609
Other receivables 143,083 114,399 108,564
Total other receivables 317,655 313,199 289,230
Total trade and other receivables 789,754 1,023,861 847,230
----------------------------------- ---------- ---------- -------------
5. Share capital
Number of shares EUR
Shares as 30 June 2016 39,051,879 498,853
Issue of shares for cash 1,232,100 14,474
Shares at 31 December 2016 40,283,979 513,327
Shares at 30 June 2017 40,283,979 513,327
------------------------------- ----------- --------
At 30 June 2017, the share capital comprises 40,283,979 shares of 1 pence each.
6. Borrowings
The carrying value and fair value of Group's borrowings are as follows:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
EUR EUR EUR
Growth Fund (including
accrued interest) 954,507 853,070 900,743
Nordea Ejendomme 18,702 23,150 21,008
Total financial assets
other than cash and cash
equivalents classified
as loans and receivables 973,209 876,220 921,751
--------------------------- ----------- ----------- -------------
The Growth Fund borrowing from the Danish public institution, Vækstfonden, bears interest at a rate of 12 per cent. The borrowing is a bullet loan with maturity in June 2020. The Group may at any point in time either repay the loan in part or in full or initiate an annuity repayment scheme over four years. If an annuity repayment scheme is initiated, the interest rate will be reduced to 8 per cent in the repayment period.
The loan from Nordea Ejendomme is in respect of amounts included in the fitting out of the offices in Denmark. The loan is repayable over the 6 years and matures I November 2021 and carries a fixed interest rate of 6 per cent.
Both loans are denominated in Danish Kroner.
7. Trade and other payables
As at
As at As at 31 December
30 June 30 June 2016
2017 2016
EUR EUR EUR
Invoice discounting 100,580 . 239,528
Trade payables 680,919 526,474 603,950
Other payables 211,005 265,142 240,681
Current portion of Nordea
loan 4,626 4,448 4,586
Total financial liabilities
classified as financial
liabilities measured at
amortised cost 996,730 796,064 1,088,745
----------------------------- ---------- ---------- -------------
There is no material difference between the net book value and the fair values of current trade and other payables due to their short-term nature.
8. Availability of Interim Report
Copies of the Interim Report will not be sent to shareholders but will be available from the Group's websitewww.investor.windarphotonics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GCGDCIUDBGRB
(END) Dow Jones Newswires
September 22, 2017 02:00 ET (06:00 GMT)
1 Year Windar Photonics Chart |
1 Month Windar Photonics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
