LONDON (Alliance News) - PV Crystalox Solar PLC Thursday said it swung to a profit in 2013, after posting a huge loss the year before, boosted by a significant increase in revenues.
The supplier of photovoltaic silicon wafers for use in solar electricity generation systems said it swung to a pretax profit of EUR6.6 million in 2013, after posting a loss of EUR30.7 million in 2012, driven primarily by the impact of revised assumptions in respect of an onerous contract provision, which resulted in non-cash income of EUR11.7 million during the year.
Revenues for the year increased to EUR71.4 million, compared with EUR46.3 million in revenues in 2012. Wafer shipments for the year increased to 211MV, up from 115MW a year earlier.
During the year it disposed of its polysilicon production facility in Bitterfeld, Germany, to a management buy-in team.
PV Crystalox Solar said net cash at the year end was EUR39.2 million, which was EUR50.2 million lower than the EUR89.4 million held at the end of 2012, after returning EUR36.3 million of cash to shareholders and making a payment to the management buy-in team at Bitterfeld of EUR12.3 million.
The group said that it decided to increase production output during the first quarter of the current financial year, to take advantage of the improved market situation and to consolidate links with its new customers.
"Initially we are doubling our production output compared to 2013, and this has necessitated some recruitment of production personnel in UK and Germany," it said.
It said the expansion will enable wafer shipments to be maintained at 2013 levels, when sales volumes were boosted by shipments from inventory.
"The board remains committed to the solar industry and believes that the medium-term outlook for solar installations remains positive," said Chairman John Sleeman in a statement.
PV Crystalox Solar said that Chief Financial Officer Peter Finnegan is retiring from office on May 31, and it has appointed Matthew Wethey as a replacement, in addition to his role as group secretary.
PV Crystalox Solar shares were trading 5.4% higher at 26.75 pence Thursday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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