Solar wafers supplier PV Crystalox Solar warned of tough times ahead but said it remained committed to the solar industry after experiencing a difficult 2011.
The company blames its woes on a dramatic increase in worldwide production capacity in the photo voltaic (PV) industry, driven by companies in China.
This had led to sharp falls in pricing across the PV value chain and drove wafer sales prices below production costs, it said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It added that there continued to be great uncertainty regarding short term market developments, with most industry forecasts predicting little if any growth in global PV demand in 2012.
This was due to growth in China being offset by a decline in the European market.
In 2011 group revenue decreased by 16.7% to €210.4m.
Pre-tax earnings came in at €4.5m but were hammered by exceptional items which took the company €67m into the red. This amounted to a loss per share of 15c.
Chairman, Maarten Henderson, said the long term outlook for solar installations remained positive.
"In the medium-term we expect that market conditions will return to levels that allow companies to operate profitably," he said.
-
Where are ISA savers and investors putting their money?With less than three months until the end of the tax year, where are ISA savers and investors putting their money? We look at the latest ISA trends.
-
More than £53 billion held in fixed-rate cash ISAs will mature by April - where should savers move their money?If your fixed-rate cash ISA is maturing soon, we look at the options available to you
