Windar narrows losses despite delayed revenues

However, issues relating to the shortage of certain components in the group's supply chain impacted revenues and resulted in orders received in 2017 not being fully delivered during the year and being rolled into 2019.

Total recognised revenues increased 59% to €3.5m, pushing gross profit up 86% to €1.7m.

Despite "considerable increases" in operational costs in its Shanghai sales and service office, Windar's operating costs were flat year-on-year at €2.1m

All in all, Windar saw its EBITDA loss narrow 71% to €360,000.

Chief executive Jørgen Korsgaard Jensen said: "While 2018 had unexpected challenges in fine-tuning our external and internal supply chains to support the increasing demand for our products, we have taken action to significantly improve this situation."

"Therefore, whilst not fully achieving our targets in 2018, based on our current customer projects with Vestas Service and the continued demand from our Asian partners, I expect Windar to maintain growth in line with previous years within the retro-fit market segment in 2019."

As of 0850 GMT, Windar shares had slumped 9.68% to 70p.