PVC’s wafer shipments grew 48% to 378MW last year thanks to boiling demand from Asian customers. However, unlike many solar manufacturers, the spike in sales volume did little for its revenues – and its earnings actually fell compared to 2009.
The Oxfordshire-based company’s revenues increased just 6.4% to £252.5m ($406.5m), while its operating profit slid more than 20% to £33.3m.
Chief executive Iain Dorrity blames the decline in profits on a dearer Japanese yen, lower sales prices across the industry, and the higher cost of polysilicon, which it needs to produce wafers.
PVC
