The group, which makes polysilicon, ingots and wafers from facilities in the UK and Germany, upgraded its expectations for first-half shipment volumes to 155-160MW from a previous forecast of 145-155MW. The new estimate would represent growth of between 11.5% and 15.1% over volumes shipped during the second half of last year.
Revenues for the first six months of this year are expected to be enhanced by the higher volumes, as well as by stabilising prices. Consequently, performance in H1 2010 is anticipated to be above management’s previous expectations.
PV Crystalox also revealed that production at the group’s polysilicon manufacturing plant in Bittefeld, Germany, is building up satisfactorily and that consistent product quality has also been achieved.
Investment bank Piper Jaffray says it sees no reason why London-listed PV Crystalox’s share price should trade below its book value of 55p, although it retains a ‘neutral’ rating for the shares. The bank forecasts sales of €218 million for this year, compared with €237 million in 2009, while pre-tax profit is estimated at €25 million (2009: €43 million).
PV Crystalox’s shares have fallen from above 90p each last summer to as low as 44p in recent months, although they have shown some strength during the last few weeks.
Market: London
Symbol: PVCS
Price: 50.5p
12 month high/low: 92p/43.5p
Market cap: £211m
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