LONDON (ShareCast) - (ShareCast News) - Developer of LiDAR wind sensor technology for electricity-generating wind turbines, Windar Photonics, said it had continued its "improving trend" of the latter parts of 2016 into the first half of 2017 in a trading update on Wednesday.
The AIM-traded company said revenue in the six months to 30 June was up 62% to €1.3m, which is already higher than the total revenue recorded during the full 2016 year, which was €1.2m.

"We have seen significant progress in the first half of 2017 with increased sales and our cost base now benefitting from the actions taken in H2 2016," said Windar CEO Jørgen Korsgaard Jensen.

"With some 14 distributors now in place for the IPP retrofit market, we have seen good progress with new orders in 2017 especially from the Asia region whereas in the first half of 2017 we have not yet seen the full benefit of our new strategy within the IPP market segments in Europe and North America."

Efforts to realign operational expenses resulted in an operational cost reduction - excluding depreciation, amortisation and warrants costs - of 47% to €1m, down from €1.8m a year earlier.

As a result of the increased revenue and the lower cost base, the company said it reduced net losses in H1 2017 by 52% to €0.8m, and its EBITDA loss had been reduced by 73% to €0.4m.

"In the first half of 2017, revenue from the important OEM market segment accounted for only a fraction of the overall revenue numbers," Jensen noted.

"However, we continued to work closely with the majority of the top 20 OEMs worldwide for direct integration of our products into their new turbine platforms, which of course is fundamental for reaching our long-term targets for the company.

"Overall and despite the clear improvement over last year, our full focus remains on improving our trading further, and also working towards obtaining larger scale OEM and IPP orders."

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