StockMarketWire.com - Wind-sensor technology group Windar Photonics posted a first-half loss and said it was monitoring its cashflow position following project delays.

Pre-tax losses for the six months through June amounted to €0.96 million, compared to year-on-year losses of €1.08 million.

Revenue rose to €0.31 million, up from €0.27 million.

'Despite this modest growth, the revenue earned continued to be negatively impacted by the ongoing delays seen in end-user projects caused by the Covid-19 pandemic,' chairman Johan Blach Petersen said.. Hold-ups included travel restrictions, particularly in Asian markets, he added.

Looking forward, Blach Petersen said that due to delays, part of the order backlog of €2.2 million as per the end of the first half was expected to be carried forward into 2022.

'The company currently estimates that recognised revenue will grow by 45% to 50% in 2021, compared to the previous year,' he said.

'Despite the recent delays, the group's cashflow position is constantly being monitored with respect to eventual consequences of orders and project delays.'

'However, management believe that there are a number of actions available to them in order to manage the cash position if needed.'


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