19 May 2008 07:00
19 May 2008
PV Crystalox Solar plc
INTERIM MANAGEMENT STATEMENT FROM 1ST JANUARY 2008 TO DATE
PV Crystalox Solar plc (or "the Group") issues this Interim Management Statement in accordance with the UK Listing Authority's Disclosure and Transparency Rules.
As stated in our Preliminary Results for the year ended 31 December 2007 the market drivers for the business remain positive with forecasts for the level of PV installations over the coming years showing very strong growth.
Performance of the Group remains strong with turnover in our core silicon products business significantly ahead of the levels achieved in the first half of last year as we continue to benefit from strong demand for our products from the PV market.
Improvements in the utilisation of silicon feedstock, through more extensive recycling coupled with the transition of our customers to thinner wafers, have led to higher gross margins in the first four months of the year, in comparison with those for the second half of 2007. We anticipate wafer shipment volume for the first half of 2008 will be in the range 105-115MW and confidently expect EBIT to be significantly above the level obtained in second half of last year.
Construction of our polysilicon production facility in Bitterfeld Germany remains on schedule. Orders have been placed for all major items of plant and equipment in readiness for commercial production to start in 2009.
The Group continues to look forward to the future with confidence.
The AGM will be held at the offices of JPMorgan Cazenove, 20 Moorgate, London EC2R 6DA on 23 May at 2.00 pm.
For further information contact:
PV Crystalox Solar PLC Tel: +44 (0)1235 437 160
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Gavin Anderson & Company Tel: +44 (0)20 7554 1400
Kate Hill
Robert Speed