The renewable energy company Solarprofit will present an Employment Regulation File (ERE) for 30% of its workforce due to the “context of slowdown in demand for photovoltaic installations by households”, as the company announced this Monday after to present results, which has caused a sharp collapse of its shares on the Stock Market.
The company, which is dedicated to the installation of solar panels, has reported operating losses (EBITDA) of 10.7 million euros in the first half, compared to a positive 4.8 million euros in a year before. Billing in the first half fell to 33 million euros compared to 42.3 in the same period of 2022.
The Barcelona-based firm attributes the poor results to the context of a slowdown in demand for photovoltaic installations due to the moderation in electricity prices and the lower purchasing power of households due to persistent inflation, it said in a statement to BME Growth. , the market in which it has been listed since the end of 2021.
The drop in demand for photovoltaic installations has meant that the company “has at times operated below breakeven”, that is, costs exceeded total income.
SolarProfit, which has more than 650 employees, will begin an employment regulation file (ERE) starting in October, within a set of measures to “rebalance expenses and income” of the company.
The company has updated its forecasts for 2023 downwards and now expects revenue of 78 million euros and a negative ebitda of 15 million euros. Of course, it foresees that in November, after concluding the ERE, the monthly result will be positive again, as well as the consolidated ebitda for the fourth quarter as a whole.
The two founding partners, Roger Fernández and Óscar Gómez, are the main shareholders of the firm, holding a 44% stake each.
With Monday’s disaster, SolarProfit follows in the footsteps of EiDF, another renewables company in the Spanish market BME Growth that has suffered a significant drain. The Galician shares sank 70% last week when trading resumed after four months of suspension.