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PV Crystallox Solar

September 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PVCS
  • Price:
  • 55p
It was a foreign exchange impact and uncertain industry outlook that led to some disappointment with PV's interims, even though everything ticked all the right boxes as expected with volumes up, pricing stable, costs down and margins up. In total, wafer shipments during the first half were 155MW, an increase of 55% over H109 and 12% over H209. While the average price for a wafer was down 40% to Eu0.72 on H109, this has now stabilised. The consequence of this was that overall sales of Eu111.7m were down from Eu122m. On an underlying basis (excluding the Eu3.1 million currency losses), PV generated EBIT of Eu12.4m (H1 09: Eu35.2m). Earnings per share were 1.6 cents and there was a 1 cent dividend. Net cash at the period end was Eu77 ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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