Windar Photonics warns full year revenues will be below expectations

19th Dec 2016 08:43

(ShareCast News) - Wind energy company Windar Photonics warned that full year revenue will be "slightly" below expectations due to project delays, but remains confident that revenue will continue to grow.The company, which develops lidar wind sensors for use on electric wind turbines, said several project deadlines have been pushed into 2017 due to timing, logistics and customisation of deliveries for its products.It now expects revenue for the 2016 financial year to be between €1.5m to €2m, which is "slightly" below market expectations, but "still represents revenue growth of between 60% and 100%" compared to last year.The AIM-listed company said it has experienced increased interest in its products, particularly from major original equipment manufacturers and large independent power producers, after the launch of the wake-detection and turbine optimisation project, which is in partnership with the Technical University of Denmark.Interim chief executive Jørgen Korsgaard Jensen said that the launch of this project is the "single most important new project/development in 2016"."This is expected to support our high growth expectations going forward. We look forward to drawing negotiations for multi-unit new sales to a number of original equipment manufacturers and independent power producers to a positive conclusion, while also fulfilling re-orders from our international customer base"Shares in Windar Photonics were down 3.16% to 92p at 0843 GMT on Monday.