LONDON (Alliance News) - Clean Air Power Ltd Friday said it is facing challenging trading conditions at present and said it expects its full year results to fall significantly below market expectations, sending its shares down heavily in opening trade.
Shares in Clean Air Power dropped 42% in early trade to 2.775 pence, making it the biggest faller on the AIM All-Share.
The group said the introduction of Euro 6 emissions standards in Europe has meant opportunities for the company, which makes compression-ignited natural gas engine management systems, are consolidating around a small number of operators that continue to run large fleets of Genesis-EDGE-compatible Euro 5 vehicles.
The group said it is becoming increasingly difficult to predict with any certainty the timing of orders in Europe for the Genesis-EDGE, the group's combustion technology for heavy-duty diesel engines.
This challenging European market, coupled with unexpected technical delays in achieving EPA certification and the first sales of the US Genesis-EDGE Dual Fuel product mean its results for the full year are set to fall significantly below market expectations.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
