Company Release 23 June 2015 at 11.35 am (CET)
Savo-Solar Ltd lowers its revenue estimation for 2015 and launches actions to adapt operations
The target of Savo-Solar Ltd. was to grow its revenue to exceed EUR 4.0 million in 2015. The order intake of the company has not developed as planned, mainly because the starting of large projects in Denmark has taken longer than expected. Because of this, the company estimates that its revenue in 2015 will remain on the level of EUR 2 - 2.5 million. In 2014 the revenue amounted to approximately EUR 1 million.
Due to the postponement of the projects, the workload in production has decreased and the company is initiating cooperational procedures with the entire personnel of the Finnish company due to financial and production-related grounds. The negotiations concern possible temporary layoffs of approximately 30 employees in August-September.
Jari Varjotie, Managing Director: "Even though the targeted revenue growth is not achieved, our quotation base has developed favorably and we trust that the situation will improve still during the forthcoming autumn. The first stage of the Logumkloster solar collector field in Denmark has now been started successfully in the middle of June. It is an excellent reference in forthcoming tenders strengthening Savo-Solar's position in the market. We know that we will participate in tenders for several projects during summer and autumn, and their deliveries are due to take place in 2016."
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Savo-Solar in brief
Savo-Solar provides solar thermal systems for heating of buildings, industrial processes and domestic hot water. Savo-Solar's systems are based on the verified world's most efficient 2 m2 collector utilizing MPE-absorbers with several patents pending. The absorbers are coated with a highly selective optical nano-coating. Savo-Solar is, according to the available information, the only company able to coat ready-made, complete absorbers. Focus is on large scale industrial applications such as district heating, industrial process heating and energy renovations of large buildings. Since 2011 the company has sold and delivered its products in over 17 countries on four continents. Savo-Solar's class A shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.fi.