Windar Photonics (LON:WPHO) told investors that it realised revenues within its previously downgraded guidance.
Revenue for the twelve months ended December 31 amounted to €950,000.
The company acknowledged that it wasn’t able to achieve the originally planned revenue growth for the year - mainly due to delays in its Asian business, as announced in September - but said that it was encouraged by the level of sales in North America and Europe.
Moreover, Windar said it is confident that it will increase revenue substantially in 2016.
It highlighted significant interest shown by existing customers who have tested the company’s LIDAR wind sensor technology, and that both utility companies and wind turbine manufacturers were currently testing the product.
Windar also revealed that it has given its six months notice to terminate its exclusive distribution arrangements in China.
TRES Wind, a trading name of LSAP Holdings AG, had been the group’s distribution partner for China, depending upon certain sales targets being achieved during 2015.
The company in September announced that the necessary sales had not been made, and that it was considering its options.
In a statement, Windar said: “The company considers that the Chinese market will remain one of the most important markets in 2016 and intends to address the Asian market from its established offices in Beijing and Shanghai.”