Windflow Marks Major Year
17 December 2009
Shareholders at Windflow Technology’s annual meeting held on Wednesday evening in Christchurch were reminded of the numerous engineering and financial achievements made by the Company over the year, and were also provided with pleasing news on the progress with NZ Windfarms.
Chairman Barrie Leay commented on the Company’s manufacturing growth, increasing revenue and improving profitability compared with previous years. “Revenue has tripled from $10 million last year to nearly $30 million this year,” said Mr Leay. “Windflow’s overall achievements should be applauded and not overshadowed by recent events”.
Geoff Henderson, CEO highlighted that the 65 Windflow 500 turbines installed at the Te Rere Hau windfarm were performing well after a successful effort to install and commission the first sizeable production run of turbines last summer.
“There were commissioning period adjustments as in any major project but these are effectively behind us and we are confident the turbines will continue to prove themselves,” said Mr Henderson.
The completion of the rigorous Class 1A IEC certification documentation in July was another major milestone that was highlighted. The Company reported that the timeline for issuance of the certification rests with certifying body Lloyds Register but is expected earlier rather than later in 2010
The Company also elaborated on the progress with their customer NZ Windfarms, confirming that payments by NZ Windfarms had resumed. The companies were working together to resolve any outstanding issues.
“The Independent Expert report we provided to NZ Windfarms confirmed that the last 48 turbines being supplied for TRH are effectively the same as the design being submitted for IEC,” stated Mr Henderson.
The presentation concluded with comments on the positive outlook for wind energy globally and in New Zealand and Windflow’s strengthening position as the technology continued to prove itself. The Company acknowledged the need for ongoing sales and that opportunities outside New Zealand were also being pursued.
The economic benefit generated by the manufacturer is significant at a time of higher unemployment.
“Windflow employs about 400 New Zealanders directly and indirectly and is strengthening New Zealand’s knowledge economy in this important sector”, said Mr Henderson.
“We are proud of what we have achieved to date, we acknowledge the support of our shareholders, and are positive about the outlook moving forward”.
For further information:
Tom Hooper, Chief Operating Officer
Ph 03 365 8960