(Alliance News) - Windar Photonics PLC on Monday said revenue surged in the first half despite facing supply shortages in the first quarter.
Windar is a London-based technology group, which has developed a cost-efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines.
The firm reported that revenue multiplied to EUR1.3 million in the first half of 2023, from EUR400,000 the year prior. It said revenue increased despite facing component shortages and supply chain issues in the first quarter of the year. Windar noted that during the period it increased its production capacity by double compared with 2022.
It said pretax loss narrowed to EUR487,889, from EUR880,317 a year ago.
Looking to the second half, the firm said it expects to meet current market expectations, with revenue to hit EUR6.5 million, compared to EUR1.8 million in 2022, and earnings before interest, tax, depreciation and amortisation of between EUR1.5 and EUR1.6 million, swinging from a loss of EUR1.1 million last year.
It said its main focus is to increase production capacity to 150 LiDAR systems per month by the end of the year, from 80-100 systems per month currently.
Windar shares fell marginally to 34.49 pence each on Monday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Windar Photo (WPHO)