19 Nov 2013 07:00
PV Crystalox Solar PLC
19 November 2013
Interim Management Statement
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 June 2013 to the date of this announcement.
PV market demand remains strong with industry analysts NPD Solarbuzz forecasting global PV installations to grow by over 20% to 35GW in 2013. However continuing overcapacity across the value chain is keeping prices below industry production costs. Pricing has been relatively stable during the period although spot wafer prices have seen very modest increases in recent weeks.
In view of the challenging market pricing the Group continues to operate in cash conservation mode; maintaining production at low levels while focusing on internal cost reduction, quality improvement programmes and inventory management. Trading of excess polysilicon is in line with expectations and full year wafer shipments are anticipated to be at the upper end of the 160-180MW range indicated at the time of our H1 results. As a result wafer and polysilicon inventories at the end of 2013 are expected to be significantly lower than a year earlier.
The Group has maintained its healthy net cash balance and will return cash at the previously announced level of 7.25p per share to shareholders on or shortly after 11 December 2013 subject to final approval at a General Meeting to be held later today.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437188
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Matthew Wethey, Group Secretary