PV Crystalox Solar PLC Interim Management Statement (3761R)
November 19 2012 - 2:00AM
UK Regulatory
TIDMPVCS
RNS Number : 3761R
PV Crystalox Solar PLC
19 November 2012
PV Crystalox Solar PLC
19 November 2012
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 2012
to the date of this announcement.
Trading conditions remain extremely challenging due to the vast
overcapacity in the PV industry. This oversupply, which originates
primarily in China, has maintained downward pressure on prices
across the value chain during the last eighteen months. Spot wafer
prices have continued to fall and are now 76% below the level of
April 2011 and remain significantly below industry production
costs.
In response to such market conditions, the Group adopted a cash
conservation strategy 12 months ago and reduced production volumes.
Shipment volumes for the full year are now expected to be in the
range of 100-105MW which is at the lower end of the 100-120MW range
indicated at the time of our interim results on 16 August 2012.
While the Group has maintained its average selling prices
significantly above spot levels, the Board continues to expect that
the Group will incur an operating loss in the second half of this
year.
The Group continues to believe in the positive long-term outlook
for the photovoltaic industry, but is mindful of the intensely
competitive environment which is likely to persist in the
medium-term and which has already led to many companies leaving the
industry, either voluntarily or through insolvency.
The Group has a strong net cash balance and the Board is
continuing to reorganise the Group, to enable the return of cash to
shareholders. The Board expects to make a further announcement
before the year end.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437188
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Matthew Wethey, Group Secretary
FTI Consulting +44 (0) 20 7831 3113
James Melville-Ross
Sophie McMillan
Tracey Bowditch
This information is provided by RNS
The company news service from the London Stock Exchange
END
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