StockMarketWire.com - Wind sensor group Windar Photonics said it expected to report wider annual losses, amid falling sales and rising costs.

Earnings before interest, tax, depreciation and amortisation for the year the December were seen amounting to a loss of €1.9m, compared to a loss of €0.4m on-year.

Revenue was expected to slump to €1.2m, down from €3.5m.

The company said trading conditions were challenging, with a slow conversion of orders into sales.

Windar Photonics said it also experienced a slowdown in development of mainly Chinese projects amid a sluggish market for original equipment manufacturers (OEM).

Demand had remained under pressure due to Covid-19, though the company said it had obtained orders in 2020 to date for more than €1.7m for delivery in 2020.

'The current order backlog and sales pipeline for the rest of 2020 and 2021 are stronger that as at 31 December 2019, 'it said.

'In addition, 2020 is seeing, for the first time in the company's history, sustained progress from the OEM market with order intake for OEM sales being larger than the retrofit market, and at the same time, improved progress with Vestas on retrofit projects.'

'However, given the inherent uncertainties surrounding Covid-19, the board continues to believe it is inappropriate to provide forward looking guidance to investors and analysts at the current time.'




At 8:48am: [LON:WPHO] Windar Photonics Plc share price was -3.5p at 16p



Story provided by StockMarketWire.com