Gowin New Energy Grp - Update
RNS Number : 1461K
Gowin New Energy Group Limited
20 June 2014
 



20 June 2014

Gowin New Energy Group Limited

("GNE" or the "Company")

Update

 

The Company today announces the following update:

Further to the announcement of 22 May, the Company is continuing to experience delays with debtor recoverability which are constraining working capital.  A number of the debtors are related to government building projects, and there have been significant delays in contractors receiving payment for such projects from the government, which has in turn led to delays in the Company receiving payments as they fall due.  This has adversely impacted the Company's working capital position, whilst banking conditions are also proving difficult.  However, the Board believes that this is a temporary issue and remains optimistic about the Company's prospects for the current year.  As stated on 22 May, the Company is endeavouring to improve this pattern by rebalancing towards export orders.  It is also in the process of implementing accounts receivable financing.  The Company expects to announce its final results for the year ended 31 December 2013 on 30 June.

 

For further information please visit www.gowinyichia.comor contact the following:




Garry Willinge

Gowin New Energy Group Limited

+852 9100 9972

James Caithie / Avi Robinson

Cairn Financial Advisers LLP

+44 20 7148 7900

David Scott / Fiona Kinghorn

Alexander David Securities Limited

+44 20 7448 9800

 


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