Soltec returns to inexperienced numbers and tries to clear traders' doubts | Companies | EUROtoday

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Two operators, in an installation with followers installed by Soltec.
Two operators, in an set up with followers put in by Soltec.

The Spanish agency Soltec, one of many world leaders available in the market of trackers for photovoltaic crops, has reported this Tuesday to the National Securities Market Commission (CNMV) a web revenue of 1.3 million within the first quarter of the yr, in comparison with to the losses of 9.6 million recorded in the identical interval of 2023. Revenue, for its half, grows to 121 million, 44.2 greater than at first of the earlier yr, and the gross margin stands at 24 %, one level lower than a yr in the past however nonetheless at “strong levels.”

The Murcian firm is thus attempting to clear up the market's rising doubts in current instances, wherein it has been shaken by discrepancies with its auditor (EY) and a pointy drop within the inventory market. Shortly after presenting quarterly outcomes, its shares recovered a small a part of the misplaced floor and recorded an increase of 5% within the early phases of the session.

This Tuesday's are the primary outcomes of the Murcian agency because it needed to re-formulate its accounts, going from a revenue of 11.7 million euros in 2023 to losses of 23.4 million. A complete change within the firm's monetary picture that worsened on the finish of May, when EY itself warned of a “material uncertainty” about its means to “continue as a going concern.”

The shares of the producer of photo voltaic trackers – a non-essential part in photovoltaic installations, though their efficiency improves – are buying and selling at ranges similar to these recorded after it was compelled to restate its accounts. Broadening the main focus just a little, in simply over a yr, Soltec titles have misplaced two-thirds of their worth: the present little greater than two euros contrasts with greater than six in March 2023. At the start of 2021 They reached costs above 13 euros.

The firm now seeks to show the web page on this darkish chapter in its historical past and locations emphasis on the “positive operational performance” within the first quarter of 2024, when it equipped 813 megawatts (MW) of photo voltaic trackers, triple that of a yr earlier than. Its fundamental market, the United States, already accounts for 34% of its gross sales and Soltec's administration expects its weight to develop to 50% “in the coming years.”

Extended financing

On May 31, the corporate chaired by Raúl Morales agreed with a dozen banks to increase its credit score and assure coverage till November, and knowledgeable the market that it had employed KPMG to work on a marketing strategy that establishes its financing wants. medium and long run financing. A strategic roadmap that, it says, may have as its fundamental goal “strengthen” its place available in the market, “assess” the “new financial needs” and enhance its presence in “rapidly growing” worldwide markets, particularly the US and Europe.

Soltec will undergo the shareholders' assembly on Tuesday of subsequent week, an appointment that can be reached with the appointment of Mariano Berges – who arrived on the firm in February and who till now served as director of operations – as CEO. Morales, the second largest shareholder – with nearly 20% of the corporate – will stay government president.

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https://cincodias.elpais.com/companias/2024-06-18/soltec-regresa-a-numeros-verdes-y-trata-de-despejar-las-dudas-del-mercado.html