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Wind power technology company Windar Photonics (LON:WPHO) saw revenues increase by 59% over the year ended 31st December as volumes shipped rose to record levels. The AIM-listed firm generated another EBITDA loss for the year, but this narrowed by 71% to €0.36 million.
The company said that revenues were not as high as hoped due to shortages in the supply chain and problems with new compression moulding systems that have led to orders being rolled over into 2019. CEO Jørgen Korsgaard Jensen commented: “While 2018 had unexpected challenges in fine tuning our external and internal supply chains to support the increasing demand for our products, we have taken action to significantly improve this situation. Therefore, whilst not fully achieving our targets in 2018, based on our current customer projects with Vestas Service and the continued demand from our Asian partners, I expect Windar to maintain growth in line with previous years within the retro-fit market segment in 2019. In addition, given the significant investments our OEM customers are making to integrate our LiDAR products on various wind turbine platforms, I expect this market segment will begin to act as an additional key growth driver for Windar in the near future. The combination of this with the continued growth of the retro-fit market will help us achieve our ambition to build a strong and profitable company“.
Shares in Windar dropped by 6.45% to 72.50p (as of 10:45 GMT).