12:19 AM, June 9 2017
Windar Photonics plc. had lost 3% on the bourses, post the company announced its final results. As per the results, FY16 revenue grew by 26% compared to one year ago. The gross profit increased by 113% yoy in FY’16. As per the management, the company also Expanded product features to include detection of Turbulence Intensity, Wind Shear Intensity and Wake Intensity, adding additional wind turbine optimization opportunities. The company also Implemented a new strategic approach to the IPP market segment by appointing seven new non-exclusive distributors to increase our market presence and at the same time reduce operating expenditure. The company also received further equity support of £1.9 million.
The CEO of the company, Jørgen Korsgaard Jensen commented on the same, “2016 was a year with many challenges but at the same time many opportunities. We added important new capabilities to our product range opening up even further wind turbine optimisation opportunities using our products, and even though not contributing to our overall revenue growth in 2016, we made significant progress within several OEM test programmes in the year. These programmes are essential to supporting our long term revenue targets. Within the IPP market segment we also made important progress in 2016 which has continued into 2017 where we have seen strong growth especially in Asia. In the second half of 2016 we reviewed our overall operating expenses in the Group, which is the primary reason for the improved operational performance in the second half of 2016 which improvements have continued in 2017. The Company is now looking to build upon its proven technology and pipeline of opportunities and is pleased with the progress made already in 2017. The Board remains confident for 2017 and for the future”