Companies: JHL   

Chinese solar cell maker Jetion Holdings says interim profits and sales were ‘strong’ and sounds bullish for the full year.

In an upbeat trading statement, the AIM-quoted company, based in China’s Jiangsu Province, reports that it doubled its annual solar cell production capacity to 100 megawatts and increased annual module capacity 25 per cent to 50 megawatts in the six months to June. Jetion, which raised pre-tax profits 60 per cent to £4 million last year on turnover up 138 per cent to £54 million, says more than 81 per cent of its products went to Europe in the first half of this year, half of them to Germany and nearly 20 per cent to Spain.

The company, whose chairman, Dipesh Shah, recently stood down, says it expects demand for its products to continue to outstrip supply, with the current order book underpinning ‘the strong growth in production planned in the second half’. Chief executive Roger Gai declares Jetion, which recently replaced Collins Stewart with Evolution as nominated adviser and broker, is ‘optimistic about trading in the second half and expects good results for the full year’.

The stock market has not been kind to this sector lately and Jetion shares, which soon rose from last year’s 151p float price to 175.5p, crumbled to 68p earlier this month. Now 81.75p, up 10.75p this morning, they value the company at £60.1 million.    

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Jetion Holdings	AIM	£45.64m	61.50p	-1.75p
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Other company articles:
‘Strong first half’ at Jetion			15/07/2008
Jetion Holdings			08/04/2008
Jetion Holdings			13/02/2008
London debut for solar cell group			06/07/2007
Jetion			06/07/2007