Quarterly revenue declined 44% at Colexon Energy on the back of large-scale projects halted in key markets such as Italy and overall weak demand in Germany. The company reported a loss of €1.5 million for the first quarter of 2011 and announced cost reduction programs that will include offices in Australia, USA and the Czech Republic.
Unable to realise large-scale projects due to feed-in tariff changes in several markets, Colexon is changing business strategy and will focus sales on the wholesale distribution market and on select projects in the residential rooftop market, specifically in Germany, Italy, Spain, UK and France.
The company has launched the ‘Colexon Flex’ product range to support rooftop market sales in 2011.
Colexon reported revenue of €25.4 million in Q1, down from €45.6 million in the equivalent quarter of 2010.
The company reported sales from its trade sector of €17.8 million, or 70% of total sales in the quarter. Projects segment totalled €5 million, while revenue generated by the solar power plant operation and service & works management totalled €2 million and €0.6 million respectively.