Jetion cells

Jetion Holdings, a manufacturer of high-performance solar modules, has announced a 168 per cent increase in gross profits following a doubling of its cell manufacturing capacity.

In the year ending December 31 2008, the AIM-listed company recorded sales revenues of $250.9m (£157.52m), representing a 141 per cent increase over 2007.

Pre-tax profits were up 328 per cent to $20.1m and earnings before interest, taxes, depreciation, and amortization (EBITDA) were up 315 per cent to $34.5m.

Jetion also doubled its solar cell capacity from 50 to 100MW and module capacity was up 60MW compared with 40MW a year earlier.

This increase in production has allowed the group to expand its solar module product offering and capture a greater amount of the value chain.

Despite these strong results, the company experienced falling prices and slowing demand from Europe in the fourth quarter of the year.