27/04/2007
Silicon solar wafer star ReneSola increased pre-tax profits from £300,000 to £11.4 million last year and plans further expansion.
AIM-quoted ReneSola, based in Zhejiang, China, boosted revenues more than tenfold to the equivalent of £44 million in 2006 and raised £12 million with its August AIM float at $1.50 (now worth 75p). The company increased its production capacity from 14 to 80 megawatts in 2006 and plans to lift that to 265 megawatts by the end of this year.
Steered by chief executive officer Xian Shou, ReneSola has set up a US subsidiary in Delaware and another subsidiary in Singapore to source raw materials from South East Asia. The company says it is talking to ‘an international back’ about a possible loan to fund expansion.
Recommended by Growth Company Investor at 94p last August, ReneSola shares hit 639p in February and now trade at 538.25p. Partial profit-taking might be prudent, while retaining a good few for potential future growth.
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