Solar Integrated Technologies, Inc. (SIT.L), a provider of building integrated photovoltaic roofing systems, reported Tuesday a narrower loss for fiscal 2008, reflecting 18% growth in revenues helped by new solar markets and diversified product offering. The U.K- based company's net loss for the year narrowed to US$13.14 million or US$0.14 per share from US$24.68 million or US$0.35 per share in the previous year.
Annual revenues grew 18% to US$95.30 million from US$81.07 million in the prior year, mainly due to growth in solar markets in the first half of 2008, new market penetration, new customer penetration and repeat business.
The company said its European solar and distribution revenues increased 118% to US$60.6 million from US$27.8 million in the earlier year. Revenue from Europe represented 64% of total revenues of the year.
US solar revenues decreased 45% to US$20.3 million from US$37.1 million in the preceding year. US roofing revenues also declined 11% to US$14.4 million from US$16.2 million a year ago. Reported gross margin was 11.5%, down from 17.8% in the previous year.
Despite near-term challenges, the company said it believes the long-term outlook for the photovoltaic industry remains positive.
Further, Solar Integrated stated that it has undertaken a cost reduction program which is expected to reduce selling, general and administrative expenses in 2009 by at least $3 million. Randall MacEwen, president and chief executive officer said, "Given this market uncertainty, we expect 2009 to be a challenging year as well. And while we believe the US stimulus package will be a powerful catalyst for the US solar market in 2010 and beyond, we expect it will have limited impact in 2009."
SIT.L is currently trading at 6 pence, down 1.5 pence or 20%, on a volume of 115 thousand shares.
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