PV Crystalox Solar PLC Interim Management Statement (3258T)
November 19 2013 - 2:00AM
UK Regulatory
TIDMPVCS
RNS Number : 3258T
PV Crystalox Solar PLC
19 November 2013
PV Crystalox Solar PLC
19 November 2013
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 2013
to the date of this announcement.
PV market demand remains strong with industry analysts NPD
Solarbuzz forecasting global PV installations to grow by over 20%
to 35GW in 2013. However continuing overcapacity across the value
chain is keeping prices below industry production costs. Pricing
has been relatively stable during the period although spot wafer
prices have seen very modest increases in recent weeks.
In view of the challenging market pricing the Group continues to
operate in cash conservation mode; maintaining production at low
levels while focusing on internal cost reduction, quality
improvement programmes and inventory management. Trading of excess
polysilicon is in line with expectations and full year wafer
shipments are anticipated to be at the upper end of the 160-180MW
range indicated at the time of our H1 results. As a result wafer
and polysilicon inventories at the end of 2013 are expected to be
significantly lower than a year earlier.
The Group has maintained its healthy net cash balance and will
return cash at the previously announced level of 7.25p per share to
shareholders on or shortly after 11 December 2013 subject to final
approval at a General Meeting to be held later today.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437188
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Matthew Wethey, Group Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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