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CLIPPER WINDPOWER PLC - TRADING STATEMENT
Highlights:
- Clipper expects to deliver approximately 300 turbines (750 MW) in 2009. The Company has delivered 127 turbines year to date through June 30.
- Cash increased from approximately $80 million in May 2009 to approximately $105 million at June 30.
- Clipper continues to expect 2009 full year EBIT margins to benefit from lower component, manufacturing and remediation costs compared to 2008; as previously stated, first half EBIT margins will be lower compared to the remainder of the year primarily due to higher steel costs, lower legacy pricing and timing of customer grid connections.
- The Liberty turbine performance continues to strengthen, with the fleet now deployed in 17 projects, and 342 turbines operating over 1,000 hours compared to 178 turbines as of April 2009; average fleet availability (excluding impact of blade remediation) was 94% in June 2009.
- Blade remediation is on track to be completed in the second half of 2009.
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The Britannia 10 MW offshore wind turbine continues to advance with design completion scheduled by the end of 2009 and component testing planned to start in 2010.
London (UK), Carpinteria, CA (USA) - August 3, 2009. Clipper Windpower Plc (“Clipper” or “Company”) provides an update on its activities.
“The US market for wind turbines remained depressed throughout the first half of 2009 due to a significant decrease in project finance availability, resulting in a dramatic industry-wide decrease in turbine orders versus the first half of 2008,” said Doug Pertz, President and Chief Executive Officer of Clipper. “Accordingly, during this period we took aggressive measures to conserve cash, right-size our operations, and further refine the quality processes with our suppliers.”
“However, we are already beginning to see keen increased interest in the Liberty turbine as financing begins to return to the market. Considering the increasing size and track record of the Liberty fleet, Clipper is well positioned to benefit from the resurgence in demand for wind energy that the Stimulus Act and the passing of The American Clean Energy and Security Bill will create going forward,” he added.
For further information, please contact:
Investors:
Jenny Matthews
Investor Relations Director
+44 (0)20 7820 1078
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper):
Patrick Magee
+44 (0)207 588 2828
Financial Press:
Patrick d’Ancona or Charlotte Kirkham
M: Communications
+44 (0)20 7153 1547 / 1531
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