(Alliance News) - PV Crystalox Solar PLC on Thursday reported a 94% fall in interim revenue as it looks to "maximise any value" from the firm's shares, with the board still mulling a cancellation.
Revenue for the six months to June 30 fell sharply to just EUR284,000 from EUR6.2 million a year ago. Consequently, the firm swung to an interim loss of EUR1.5 million from a EUR2.7 million profit.
PV Crystalox Solar said it concentrated on slicing services for the high-tech ceramics and optics industries in Germany following the restructure of German production operations and an exit from PV manufacturing.
The board in March advised that returning a large proportion of available cash, as part of an "orderly resolution" of the group's affairs, would be in the best interest of shareholders. In June, a capital return of GBP38.5 million, equivalent to 24 pence per share, was completed.
"As part of the continuing resolution of the group's affairs, the board is looking to reduce overheads further and is considering various options including streamlining the management team, restructuring the board and reducing directors' salaries," said Chief Executive Iain Dorrity
"The board will continue to explore the options available to maximise any value from the listing of group's shares on the Official List, while a further limited cash return and possible cancellation of the listing remain under consideration as alternative courses of action," he added.
As the group is a standard listed company on the London Main Market, no shareholder approval is required for delisting, PV Crystalox noted.
Shares in PV Crystalox were down 12% at 66.14p in London on Thursday.
By Lucy Heming; lucyheming@alliancenews.com
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