Sun fails to come out for solar power stars

It was a bad day for the solar power industry with two of its leading lights unveiling figures which unnerved investors.

Romag Holdings, which makes laminated glass and plastic composites for the solar markets, said it expected to report a loss this year because of delays in the supply of materials and a lack of funding available to some clients.

The company, already reeling from the recent death of its chief executive, said it would have to write down the value of some of its stock — though it is still discussing to what extent — because of pricing pressures in the photovoltaic (PV) market. The company said this uncertainty did the shares no favours.

The stock tumbled 12p to 43.5p — a 22% loss.

Romag said in a statement: "Some disruption caused by the death in June of the company's chief executive Lyn Miles has been exacerbated by delays in the supply to the company of certain key materials resulting in a disappointing trading performance."

Also today, PV Crystalox Solar, a supplier of silicon wafers to solar cell-makers, reported a 65% fall in first-half profit to 12.4 million (£10 million) and halved its interim dividend to one euro cent. Shares fell 6p to 59.25p.

Chief executive Iain Dorrity said: "Through our cost reduction efforts we aim to improve operational performance in the second half."