PV Crystalox Solar plc Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2012; Announces Director Changes; Provides Earnings Guidance for the Second Half of and Full Year of 2012
The company announced John Sleeman was appointed chairman of the board and Michael Parker was appointed senior independent director. consequent to these decisions the Board approved changes to its committees. John Sleeman was appointed to the vacant position of chairman of the nomination committee and remains chairman of the audit committee. Michael Parker replaced John Sleeman as chairman of the remuneration committee.
The board expects that the difficult trading conditions will persist and that the Group will incur an operating loss in the second half. The group expects to retain a healthy financial position through the year end. The anticipated long-term average tax rate for the group, normalised on the basis that the group returns to profitability, is approximately 24%.