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Phoenix Solar posts turnaround year as revenue up 250%

Tim P. Ryan, Group CEO at Phoenix Solar stated: “We are proud to have achieved solid growth in 2015. A very disciplined approach to building our global project pipeline and further professionalization of our sales teams in the US, Asia Pacific and the Middle East, our core markets, is paying off.

International solar PV EPC firm Phoenix Solar has reported preliminary 2015 financial results with revenue of €119 million, up 250% from the prior year.

The turnaround from revenue of only €33.8 million in 2014 was said to be due to careful selection of projects, cost controls and better sales organisation in key markets such as the US, Asia Pacific and the Middle East.

Tim P. Ryan, group CEO at Phoenix Solar, said: “We are proud to have achieved solid growth in 2015. A very disciplined approach to building our global project pipeline and further professionalisation of our sales teams in the US, Asia Pacific and the Middle East, our core markets, is paying off. We continue to manage costs and margins carefully to improve profitability. Demand for differentiated, quality EPC services to investors and owners of commercial solar PV plants worldwide remains strong and we continue to be very optimistic for our future.”

Preliminary results include a negative EBIT of €1.6 million, compared to a negative EBIT of €4.6 million in 2014. 

Phoenix Solar said its project pipeline in 2016 exceeded 300MW. Order backlog at the end of 2015 was €195.7 million, compared to €36.3 million at the end of 2014.

The company guided consolidated revenue of €180 million to €210 million in 2016 with an EBIT in the range of €2.0 million to €4.0 million. Revenue will also pick-up in the second quarter of 2016 onwards, inline with the previous year.

Tags: epc

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