Photovoltaic supplier Romag says it has been hit by both death of Lyn Miles and falling prices in PV market
Romag, which specialises in solar panels and architectural glass, warned the stock exchange today that it will make a loss after the death of its chief executive.
The £9m-turnover issued an interim statement in May that it would make a profit of £100,000, but since then it has been hit be several problems. In its warning today the firm said that there was “disruption caused by the death in June of the company’s chief executive, Lyn Miles”.
It was also hit by supply delays and by customers being unable to obtain financing.
The statement continued: “In addition, it has become evident that erosion in pricing in the photovoltaic market, particularly in standard pv modules, will result in Romag having to write down certain inventories to current net realisable value in the current financial year (ending 30 September 2010). The potential extent of this write-down is currently under review.”
The firm, which has an order book of around £16m, will provide another update in September.