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PV Crystalox Solar to return cash to shareholders

Mon, 19th Nov 2012 08:48

PV Crystalox Solar saw shares rise strongly on Monday morning following news that is to return some of its cash pile to shareholders.In an interim management statement, the manufacturer of components for solar power cells, announced: "The group has a strong net cash balance and the board is continuing to reorganise the group, to enable the return of cash to shareholders. The board expects to make a further announcement before the year end."At the end of June, the company, which manufactures components for solar power cells, had €122.4m of cash. Sandeep Deshpande, analyst at house broker JP Morgan, estimates that it will have net cash of €87.6m or 17p a share at the end of 2012.There are hopes that the company will return most or all of this cash to shareholders, possibly as part of a long-term plan to wind down the company, which is bleeding money in an exceedingly tough market for its products. While the amount to be returned is uncertain, what is clear is that its trading position continues to deteriorate owing to vast overcapacity in the photo voltaic market. Spot wafer prices have continued to fall and are now 76% below the level of April 2011 and remain significantly below industry production costs.About this the company commented: "In response to such market conditions, the group adopted a cash conservation strategy 12 months ago and reduced production volumes. Shipment volumes for the full year are now expected to be in the range of 100-105MW which is at the lower end of the 100-120MW range indicated at the time of our interim results on 16 August 2012. "While the group has maintained its average selling prices significantly above spot levels, the board continues to expect that the group will incur an operating loss in the second half of this year."CM
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Sunday share tips: Tesco, Next, Ideagen

Sell shares of Tesco, the Sunday Telegraph's Questor column advised. Britain's biggest retailer's market share is large at 28.7% but it is falling. Tesco has not yet cut prices in its attempts to revive its fortunes. WM Morrison has promised to cut prices and Tesco could follow but, along with plann

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27 Nov 2013 09:11

PV Crysatolx Solar Rises As It Proceeds With Share Consolidation

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19 Nov 2013 13:39

PV Crystalox Solar Continuing To Conserve Cash, Shares Up 5%

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16 Aug 2012 08:48

Dark ages continue for PV Crystalox

Cash conservation remains the name of the game at solar power systems component maker PV Crystalox Solar, dashing the hopes of those shareholders hoping the company would distribute some of its cash pile. At the end of June the company was sitting on €122.4m of cash, up from €22.6m at the end of 20

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15 Aug 2012 17:57

Thursday preview: Hikma, PV Crystalox, retail sales

Acquisitions are set to put a gloss on the interim results of pharmaceuticals firm Hikma on Thursday. Peel Hunt is expecting the group to report sales of more than $500m, up 25% on the first half of last year when, admittedly, results had been negatively affected by the so-called Arab Spring. Sale

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12 Aug 2012 16:01

Sunday share tips: Genel, Barclays, Crystalox

Genel, the oil investment vehicle headed by Tony Hayward, the former chief executive of BP, has been unloved by the stock market. Genel had 1.8bn dollars (1.15bn pounds) of cash when it gave its last trading update. Last week it spent 240m dollars buying an additional 21 per cent interest in a Kurdi

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18 May 2012 16:53

London close: Footsie battered again

Footsie finished not far off its low for the day after a lunch-time rally fizzled out. With speculation rife in Spain that a ban on short-selling stocks might be reintroduced, holders of stock in UK banks Lloyds, Royal Bank of Scotland and Barclays could be forgiven that might not be such a bad id

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18 May 2012 13:18

PV Crystalox Solar soars on cash settlement

Shares in PV Crystalox Solar, a solar wafers supplier, rocketed after the firm reached a cash settlement relating to a terminated wafer supply contract that exceeded its market cap. The €90m sum will be recognised as income for the first half of 2012 by the company, which has seen its market capit

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28 Mar 2012 10:34

Crystalox Solar sees tough 2012 ahead

Solar wafers supplier PV Crystalox Solar warned of tough times ahead but said it remained committed to the solar industry after experiencing a difficult 2011. The company blames its woes on a dramatic increase in worldwide production capacity in the photo voltaic (PV) industry, driven by companies

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22 Sep 2011 14:30

Sector movers: Commodity prices drop, miners unwanted

Mining stocks led the sell-off on Thursday as the US Federal Reserve yesterday painted a gloomy picture of the state of the US economy, dampening sentiment across global stock markets. "Information received since the Federal Open Market Committee met in August indicates that economic growth remains

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19 Aug 2011 06:47

Friday tips round-up: Savills, Soco, Sage...

The last time we looked at the Savills, we opted to buy, reasoning that its international reach, coupled with exposure to the resilient upper end of the UK market, gave it an edge. Yesterday's half-yearly results confirmed our confidence. The group said revenues in the six months to the end of June

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18 Aug 2011 12:20

Broker tips: Henderson, Cineworld, PV Crystalox

UBS scaled back its numbers for fund manager Henderson Group on Thursday as a consequence of "lower market levels and lower flows." "Given the cautious outlook for the retail segment, we are now looking for modest outflows in [the second half] from this segment, versus healthy net flows of circa £4

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18 Aug 2011 12:18

Broker snap: Merchant Securities upgrades PV Crystalox to hold

Merchant Securities has upgraded its rating on PV Crystalox Solar, the solar power wafers manufacturer, from sell to hold after the stock's recent underperformance. Revenue was up from $59.6m to $78.7m in the six months to 30 June, while adjusted pre-tax profit (excluding a currency impact) rose fr

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18 Aug 2011 08:31

PV Crystalox Solar still in the shade

Despite a significant rise in pre-tax profit for the six months to 30 June, PV Crystalox Solar has decided not to declare a dividend because of "challenging market conditions". The solar power wafers manufacturer's pre-tax profit was up $14.5m to $15.9m after exploration write-off before tax of $6

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