Windar Photonics PLC (LON:WPHO) has re-jigged its senior management ahead of what it expects to be a strong second half for sales.
The wind farm turbine group told investors that chief executive Martin Rambusch will become the new chief commercial director to make the most of his sales ability.
Founder Jørgen Korsgaard Jensen will assume the role of interim chief executive until a replacement is found.
Windar’s revenue for the six months to the end of June rose more than 400% to €776,000 (2015:€145,000).
Still a relatively new player in this market, the firm posted a loss of €1.78mln in the period as it continued to invest in its operations.
The company conceded that growth in the first half was slower than expected, but expects sales to pick up in the second half of the year.
“Despite the widening loss in the first half of the year when compared with 2015, the group expects a substantially improved result in the second half due to both increased sales and a cost reduction programme,” it told investors.
Windar added that it could still hit full-year expectations, although it conceded that it was more likely to fall slightly behind full-year forecasts.
Cantor Fitzgerald trimmed its full year forecasts to revenues of €2.5mln this year and a loss before tax of €2.7mln.
Analyst Adam Forsyth was confident in the firm’s progress for next year though and expects it turn a maiden profit in 2017, forecasting a profit before tax of €5.4mln on revenues of €17.3mln.
Shares were down 1.5p, or 2%, to 71p.