Wind turbine manufacturer Windflow Technology's first-half net loss widened by 50% to $1.62 million on the back of higher production costs.

Windflow said revenue for the six months ended December 31 rose 15% to $13.6 million, while production costs rose 17% to $12.7 million.

Production for this financial year was expected to be similar to last year at around 40 turbines.

Wind turbine maker Windflow Technologies is fast-tracking the release of its annual report today, after trading in its securities on the NZX was unexpectedly suspended this morning.

Trading was halted after the manufacturer failed to produce its annual report on time, despite seeking a waiver last week to allow the report to be delayed by two weeks to allow for further developments regarding non-payment from its only customer.

Trading in Windflow Technology securities has been suspended by the NZX, as the wind turbine manufacturer continues to seek a resolution to the dispute with its main customer over $3.5 million worth of non-payments.

Last week, Windflow Technology said it was seeking a waiver from the listing rules that required the delivery of the annual report, while it sorted out the issue with its main customer NZ Windfarms.

Wind turbine company Windflow Technology has almost tripled its annual revenue and slashed its yearly net loss in half but the new financial year has started under a cloud of non-payment and uncertainty.

Increased sales of turbines saw the company’s revenues rise to $29.52 million for the year ending June from $10.99 million in the previous year and while it remains in the red, it has cut its full-year loss from $2.04 million last year to $1.23 million.

With trading in Windflow Technology options closing this Friday, the wind turbine manufacturing business has been touring the country encouraging shareholders to exercise them.

The options were issued last November in the first round of Windflow’s capital raising: share rights subscribers then got a free option thrown in too.
They are tradable until Friday and exercisable until September 30 at $3.30 – below the current share price.

But Windflow founder and chief executive Geoff Henderson said the cheques have been rolling in.