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Windar Photonics rejects Chinese partner claim

Last updated: 01:08 16 Feb 2016 AEDT, First published: 18:26 15 Feb 2016 AEDT

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The firm is a wind turbine technology specialist...

Windar Photonics (LON:WPHO) has rejected a claim from TRES Wind, its distribution partner in  China, that the wind turbine tech firm's termination of its agreement was unjustified.

Last month, Windar revealed it had given a six month notice to terminate the exclusive arrangement because the necessary sales level target for 2015 set out had not been achieved. 

"The company notes that TRES Wind has responded by claiming that there is a case of unjustified termination, conducted in a manner that is not in accordance with the terms of the agreement and that it would be reserving its rights under the agreement."

Windar said it had received Danish legal advice that the challenge by TRES Wind was unsubstantiated and has rejected the claim.

In January, the AIM company told investors that revenues for the 12 months to end 2015 were within its previously downgraded guidance - at €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 was confident that it will increase revenue substantially in 2016.

Shares added 15.23% to stand at 89.30p. on the day.

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