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Windar’s H117 results show €1.3m revenues for the six-month period ahead of those achieved in the whole of FY16, while the cost base realignment during H216 resulted in a 71% reduction in EBITDA losses to €0.4m. Our estimates and valuation remain suspended until there is more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.

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