Revenues jumped 38% to €85m, and EBIT went from a loss of €7.3m in Q1 2009, to a profit of €8.2m in 2010.
“The operating result surpassed the company’s own expectations, taking it already more than half way towards the earnings figure forecast for the full year,” Centrosolar says.
Centrosolar saw very few installations in January and March due to snow in Germany, but high international demand meant the solar company could operate at full capacity. German demand increased rapidly in March “in anticipation of the forthcoming reduction in the feed-in tariff.”
International revenue accounted for 53% of total revenue. Revenue in France more than doubled, and Centrosolar has extended its position as a systems integrator in the USA and Italy.
Outlook for the full year
The reduction in the German feed-in tariff means Centrosolar expects a strong second quarter before the reduction takes effect from 1 July.
Revenue expectations for the full year are €340-370m, and the EBIT is expected to reach €14-16m.
Centrosolar says the EBIT target could be reached by the end of Q2, but “because the impact of the changed legal position in Germany has yet to be assessed, earnings expectations can only be firmed up in the course of the second half.”