REG - Windar Photonics PLC - New Order and Trading Update

Windar PhotonicsAnnouncement

08/12/2023 07:00

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RNS Number : 0980W  Windar Photonics PLC  08 December 2023

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

8 December 2023

Windar Photonics plc

 

("Windar Photonics" , the "Company" or the "Group")

 

New Order and Trading Update

 

Windar Photonics (AIM: WPHO), the technology group that has developed a cost
efficient and innovative LiDAR wind sensor for use on electricity generating
wind turbines, is pleased to announce that it has received a new order for
delivery during 2024. The order is from an existing Chinese customer and the
gross value of the order is €2.6m.

The Company is also confident that an additional order from another existing
Chinese customer will be signed in the near term. This order will also be for
delivery in 2024 and will have a gross value of €1.5m. This order will be
confirmed in due course.

As previously indicated, the Company is and remains confident of confirming
further volume orders from North America, Australia and Japan in early 2024.

The considerably improved outlook for orders has led the Company to accelerate
its ambitious plans for increasing the production capacity of the group, as
mentioned in the interim results announcement of 25 September 2023.

In the near term, the supply chain challenges have been greater than envisaged
at the time of the interim results announcement. As a consequence, the Group's
revenue for 2023 will not reach the €6.5m level previously indicated and is
expected to be closer to €5.0m. Accordingly, EBITDA for 2023 is expected to
be around €700k. This outcome would still represent a record-breaking
revenue for the Company and its maiden profit.

More importantly, the Company emphasises that no orders have been lost so that
revenue originally budgeted for late 2023 will now be received in early 2024
and investors should adjust their 2024 expectations appropriately.

Given the very healthy outlook for order volumes, the Board remains resolutely
committed to increasing production capacity beyond 2000 systems per year and,
notwithstanding the recent supply chain issues, we expect this to be achieved
during the latter half of 2024.

 Windar Photonics plc
 Jørgen Korsgaard Jensen, CEO
                                              Tel:  +45 24234930

 WH Ireland Limited (Nomad & Broker)
 Hugh Morgan / James Bavister / Isaac Hooper
                                              Tel:  +44 20 7220 1666

 

Notes to Editors:

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/

 

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