Trading Statement
August 03 2009 - 2:00AM
UK Regulatory
TIDMCWP
RNS Number : 7230W
Clipper Windpower Plc
03 August 2009
Clipper Windpower Plc - Trading Statement
Highlights:
* Clipper expects to deliver approximately 300 turbines (750 MW) in 2009. The
Company has delivered 127 turbines year to date through June 30.
* Cash increased from approximately $80 million in May 2009 to approximately $105
million at June 30.
* Clipper continues to expect 2009 full year EBIT margins to benefit from lower
component, manufacturing and remediation costs compared to 2008; as previously
stated, first half EBIT margins will be lower compared to the remainder of the
year primarily due to higher steel costs, lower legacy pricing and timing of
customer grid connections.
* The Liberty turbine performance continues to strengthen, with the fleet now
deployed in 17 projects, and 342 turbines operating over 1,000 hours compared to
178 turbines as of April 2009; average fleet availability (excluding impact of
blade remediation) was 94% in June 2009.
* Blade remediation is on track to be completed in the second half of 2009.
* The Britannia 10 MW offshore wind turbine continues to advance with design
completion scheduled by the end of 2009 and component testing planned to
start in 2010.
London (UK), Carpinteria, CA (USA) - August 3, 2009. Clipper Windpower Plc
("Clipper" or "Company") provides an update on its activities.
"The US market for wind turbines remained depressed throughout the first half of
2009 due to a significant decrease in project finance availability, resulting in
a dramatic industry-wide decrease in turbine orders versus the first half of
2008," said Doug Pertz, President and Chief Executive Officer of
Clipper."Accordingly, during this period we took aggressive measures to conserve
cash, right-size our operations, and further refine the quality processes with
our suppliers."
"However, we are already beginning to see keen increased interest in the Liberty
turbine as financing begins to return to the market. Considering the increasing
size and track record of the Liberty fleet, Clipper is well positioned to
benefit from the resurgence in demand for wind energy that the Stimulus Act and
the passing of The American Clean Energy and Security Bill will create going
forward," he added.
For further information, please contact:
Investors:
Jenny Matthews
Investor Relations Director
+44 (0)20 7820
1078
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper):
Patrick Magee
+44 (0)207 588 2828
Financial Press:
Patrick d'Ancona or Charlotte Kirkham
M:
Communications
+44 (0)20 7153 1547 / 1531
This information is provided by RNS
The company news service from the London Stock Exchange
END
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