bizEDGE New Zealand logo
Story image

Windflow misses deadline for FY results, aims for Monday to avoid suspension

Windflow Technology, the Christchurch-based manufacturer of wind turbines, missed the deadline for filing its annual results, saying a director is overseas, and has told the stock exchange it will file the report on Monday.

The annual results for the company, which posted a loss in its first half, were due to the NZX yesterday.

"Unfortunately the company is unable to meet this because one of its directors is currently in transit from London and has not been able to give his final sign off," Windflow said. "The directors are intending to achieve final sign off and file by close of business on Monday" Sept. 17.

NZX Market Supervision said Windflow's stock will be suspended from trading if the annual results aren't filed by Sept. 20. The shares were unchanged at 17 cents and have plunged 47 percent this year.

New Zealand Windfarms, which uses turbines supplied by Windflow, said last month that the financial position of Windflow "remains a concern to directors." In October, NZ Windfarms exercised its option to acquire the Windflow business that had the contract to operate and maintain the wind farm including spare parts.