PV Crystalox Solar PLC today announces its interim results for the six months ended 30 June 2015.
- Favourable Industry environment in H1 2016 followed by rapid deterioration at the start of H2
- Wafer shipments were 59MW (H1 2015: 104MW)
- Group has traded increased volumes of excess polysilicon feedstock
- Significant reduction in polysilicon inventory and consequent release of cash
- Net cash has increased by â¬12.1 million since 31 December 2015 to â¬24.8 million
- ICC arbitration evidentiary hearing postponed until November 2016
- Revenues â¬34.7m (2015: â¬33.4m)
- Profit before taxes (EBT) â¬4.7m (H1 2015: Loss â¬(9.5)m)
- Net cash â¬24.8m (31 December 2015: â¬12.7m)
- Inventories â¬12.7m (31 December 2015: â¬23.2m)
Iain Dorrity, Chief Executive Officer, commented:" The extreme pressure on pricing which has developed in recent weeks would appear to prevent any continuation during H2 2016 of the profitable performance seen in the first half of the year. If adverse market pricing persists it will be necessary to reconsider the merits of the continued extension of the review in order to protect the interests of shareholders."