Phoenix Solar sees H1 revenue boost, expects positive 2015 EBIT

At €39.8 million, Germany-based Phoenix Solar has seen H1 2015 revenues dramatically increase, by around 300% on H1 2014 and 18% more than the whole of last year. Q2 drove this uptick, particularly in the U.S. market and in its Power Plants segment, with €34.8 million secured, compared to €5.5 million in Q2 2014. This represented module sales of 33.9 MWp.

The company’s Components & Systems segment saw H1 2015 revenues decline, from €8.1 million to just €2.9 million, due to "weaker" business development, particularly in France. Its Power Plants segment, at €36.8 million, thrived on the back of project construction starts in both the U.S. and Asia.

While revenues were boosted, consolidated net income nevertheless fell, from €-6.3 million in H1 2014, to €-6.6 million. EBIT was also down, 37%, from €-3.3 million, to €-4.6 million. Phoenix Solar, expects, however, a return to black this year, with an EBIT in the range of €1 million to €3 million. It also confirms its forecast of full year revenues between €140 million and €160 million.

The company’s order book position was strong, with orders totaling €142.8 million at the end of this June, up significantly from the €17.1 million seen at the same point last year.

CEO, Tim Ryan, says the U.S. solar market, particularly the utility-scale segment, has been "heavily" focused on. Asia Pacific and the Middle East both offer "solid potential," however, and will be an investment and development focus for Phoenix Solar. "Continental Europe currently remains on a low level," he added.

Despite the improvement in the company’s performance over the past year, Ryan said the company is "far from being satisfied." It will seek to further improve its sales processes, he said, in addition to pipeline management, focusing on differentiation and chase further cost reductions.