Recently-listed wind turbine technology firm Windar Photonics (LON:WPHO) met its sales targets last year and is well-placed to thrive this year.
The company, which builds laser guided units called Lidars that sit atop wind turbines and line them up properly, has beefed up its sales team across the globe and highlighted the Chinese market as a particular area of interest.
Meanwhile, good progress has been made in discussions with global wind turbine manufacturers to incorporate the firm's WindEye Sensor at the design stage of new wind turbines, the company revealed in its first full-year results statement as a publicly listed company.
Revenue in 2014 shot up to €1.04mln from €74,141 in 2013.
The company's listing on AIM cost it €668,724, which contributed to a deeper loss before tax of €2.68mln versus a loss in 2013 of €1.36mln.
Cash and cash equivalents at the end of 2014 stood at €5.55mln, up from €249,922 a year earlier.
“With the necessary funding in place and a growing global presence, Windar Photonics is well positioned to meet the challenges of tomorrow and further consolidate Windar Photonics' position in the market for Lidar-based wind turbine optimisation,” said company chairman John Weston.