The group achieved revenue of €71.4m in the year ended December 31st 2013, up from €46.3m the previous year. Wafer shipments and the trading of surplus polysilicon were 54% higher than 2012, while market prices of wafers continues to recover.
It helped the company swing from a loss of €30.7m to an earnings before tax on continuing operations of €6.6m.
Net (Dusseldorf: NETK.DU – news) cash from operating activities on continuing operations came to €4.4m, compared to €77.3m a year earlier, reflecting the return to shareholders of €36.3m, and the payment made to the management buy-in team at Bitterfeld of €12.3m for the disposal of its polysilicon production facility.
The firm ended the year with net cash €39.2m, down from €89.4m in 2012.
Chairman John Sleeman said: “The board continues to believe that our cash conservation strategy is the necessary response to current market conditions, enabling us to protect shareholder value whilst preserving the group’s core production capabilities.
“The board remains committed to the solar industry and believes that the medium term outlook for solar installations remains positive.”
Project management services and technology group Progility (LSE: PGY.L – news) reported a drop in first-half revenue, reflecting the negative currency translation between the UK pound and the Australian dollar.
The Australia-based company said revenue in the last six months of 2013 came to £18.6m, down from £20.6m the previous year, as a weaker Australian dollar against the UK pound reduced revenues by £1.7m.
The firm was also affected by key contracts secured in Australia in the first half that will not be recognised until the second half.
“These contracts closed slightly later in the period than anticipated and therefore did not make a contribution,” the firm explained.
Loss before tax narrowed to £1.1m from £2.6min 2012, as adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £0.5m from £0.1m.
During the period the company underwent a major restructuring which included merging with Progility Pty in October.
The company, which was formerly named ILX Group before the merger, also acquired two specialist recruitment services companies in July and November and revamped existing training businesses.
Wayne Bos, Executive Chairman, said: “Operationally the focus had been on improving trading operations and, where appropriate, restructuring them. We have made good progress and expect the benefits of this work to come to fruition in the near term.
“Alongside the work being completed in this transformational period, significant time has been invested in identifying further markets where we believe there will be profitable growth and where we can successfully exploit our specific fields of expertise.
“We expect the next six months to be a further period of positive transformation.”
The board said it does not recommend a dividend, which will “remain the position for the foreseeable future”.
Article source: http://uk.finance.yahoo.com/news/results-round-154800134.html