Windar Photonics shares to suspend as release of 2021 results delayed

(Alliance News) - Windar Photonics PLC on Wednesday said its shares will be suspended on July 1 as it misses the AIM deadline to publish its 2021 results.

Windar Photonics shares were down 56% at 6.30 pence each on Wednesday morning in London.

Meanwhile, the firm said it expected a lower profit for 2021 amid severe supply chain issues. The Copenhagen, Denmark-based light detection and ranging optimisation systems developer said its directors are seeking to finish the audit. It said it will publish its 2021 results as soon as possible.

As a result of the delay, the company will miss the June 30 deadline under AIM Rule 19. Its shares will be temporarily suspended from trading as of 0730 BST on Friday.

Turning to results, Windar expects 2021 revenue to fall 50% compared to 2020, for which it reported a revenue of EUR1.3 million in June last year. This is primarily due to project delays in China, the firm explained. The company expects its pretax loss to narrow in 2021 to EUR1.0 million from EUR1.3 million a year ago due to cost savings implemented in the second half of 2021. At December 31, 2021, the company's cash holdings amounted to EUR40,000. It added that its recognised deferred revenue stood at EUR1.0 million at the end of 2021.

Windar said its current order book for deliveries in 2022 stood at more than EUR4.0 million, of which EUR 2.5 million relates to orders secured from jurisdictions outside of China or already delivered to China.

Looking ahead, the company said the main challenge for delivery of products in 2022 will "continue to be related to the supply and sourcing certain key electronical components".

By Xindi Wei; xindiwei@alliancenews.com

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Windar Photo