Solco is pleased to provide preliminary profit guidance for the half year to 31 December 2009. This guidance is subject to review by the Companys auditors. 6m ended 31/12/09 (expected) $000 12m to 30/06/09 (audited) $000 6m ended 31/12/08 (reviewed) $000 Turnover 14,500 -15,500 27,779 11,420 NPAT 1,500-1,700 1,791 475 Following a maiden dividend for the 2009 financial year, Solcos net profit performance has shown a continued growth curve since the corporate turnaround lead by David Richardson, the companys Executive Chairman. This commenced during 2006/2007 after the Company posted a record loss of shareholder funds of $5.89 million in 2005/2006. The provisional indications for the half year are a very satisfying outcome given the uncertainty in the renewable energy sector at the moment, and a credit to the whole Solco/Choice Electric team said Managing Director, Mark Norman. Solco expects the next six months to provide a number of different challenges as increased demand and cheaper product come to market. We have been lucky to maintain our volumes to date this year, but there has been significant pressure on gross profit margins which we expect to continue over the second half of the financial year. said Mark Norman About Solco Solcos main operations are in the wholesale and distribution of solar power, small wind and pumping solutions around Australia and overseas, supplying a combination of imported and locally-sourced products. We cater for corporate and government clients directly, and residential customers through our distribution network. Our brands include GridPower, Solco Choice Electric, Solar Energy Systems, Sun Mill , Remote Power, Solartech Genius and Solco Manufacturing Systems. For further information about this announcement please contact Mark Norman on 08 9334 8100
GOE Price at posting:
12.5¢ Sentiment: ST Buy Disclosure: Held
