Solar Integrated Technologies, a manufacturer of photovoltaic (PV) roofing systems, posted an 18 per cent increase in revenues for 2008 compared with the previous year.
According to the company, the improvements have largely been driven by an increased product offering and new solar markets. The group posted a 47 per cent reduction in net loss and ended the year with a revenue of $95.3m (£57.6m).
Its European solar and distribution revenue totalled $60.6m – an increase of 118 per cent from $27.8m in 2007. However, gross profit was at $11m, a drop of 17.8 per cent and cash balance at the end of the year was at $5.8m, compared with $11.3m in 2007.
In light of these results, Solar Integrated Technologies said that it had undertaken a cost reduction programme to reduce expenses by at least $3m in 2009.
Randall McEwan, group chief executive, said: ‘Despite the company’s financing challenges, we believe the long-term outlook for the PV industry remains positive.
‘Declining module prices are making PV power more cost-competitive with the grid, which should lead to increased demand in the long term. In addition, strong government incentives remain in place in key markets.’
He added: ‘We believe that strong political support also exists for the adoption of a national renewable portfolio standard, which would obligate utilities to produce more electricity from renewable sources and thereby increase support for solar projects at a state level.’