News

April 29, 2008

The Turnaround At Solar Integrated Technologies Gathers Momentum

By Rue Swabey

Randall MacEwen, chief executive of Los Angeles-based Solar Integrated Technologies, jokes that the last year feels more like ten years. But looking back, it’s clear that Mr MacEwen has achieved a great deal in a short time. When he took over in July 2006, Solar Integrated was in a precarious financial situation, as rapid growth had squeezed working capital and interest payments were eating away at cash flow. Investor sentiment was negative and the share price had hit a low of 18p. Today the balance sheet is strengthened, underlying financial performance is improving, and the order book is growing. The share price has recovered to 104p.

Aim-traded Solar Integrated manufactures and distributes non-residential building integrated photovoltaic (BIPV) roofing systems. It targets customers that can give it repeat business, such as schools and government offices, and the large distribution centres operated by retailers and food producers. The company’s solar product is lightweight, flexible and durable, and generally forms the top layer of a customer’s roof. Customers include Tesco, Audi, Carrefour, Coca-Cola, Toyota and the US Air...