PV Crystalox Solar plc reported unaudited consolidated earnings results for the six months ended June 30, 2012. For the period, the company reported revenues of EUR 32,632,000 compared to EUR 129,593,000 a year ago. LBIT was EUR 12,168,000 compared to EBIT of EUR 24,343,000 a year ago. LBT was EUR 11,913,000 compared to EBT of EUR 24,605,000 a year ago. Loss attributable to the equity holders of the parent was EUR 27,944,000 or 6.9 cents per basic and diluted share compared to profit attributable to the equity holders of the parent of EUR 18,405,000 or 4.5 cents per basic and diluted share a year ago. Net cash from operating activities was EUR 98,744,000 compared to EUR 18,108,000 a year ago. Payments to acquire property, plant and equipment was EUR 964,000 compared to EUR 16,537,000 a year ago. The Group had invested EUR 0.9 million in capital equipment in first half 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%.