PV and electronics equipment manufacturing and automation specialist Manz AG said it expected to generate revenue of at least €350 million in 2017, including significantly improved and positive EBIT as it starts execution of its large CIGS thin-film orders.

Manz reported revenue in the first half of 2017 of €119.6 million, compared to €124.0 million in the prior year period. Earnings before interest, tax, depreciation and amortization (EBITDA) was €12.4 million, compared to a negative EBITDA of €4.5 million in the prior year period.

Earnings before interest and taxes (EBIT) was €7.0 million, compared to a negative EBIT of €11.7 million in the prior year period. The rebound in earnings was boosted by the sale of Manz CIGS Technology GmbH for €34.4 million as part of the JV activities and large order with Shanghai Electric Group and Shenhua Group.

Martin Drasch, COO of Manz AG, who was pleased with the development of the segments he is responsible for: "The realization of the large CIGS orders in the Solar segment is doing well and development in the Contract Manufacturing and Service segments has met our expectations, contributing positively to our results."

Solar segment sales in the first half of 2017 were €16.4 million with an EBIT of €26.1 million, due to the Manz CIGS Technology GmbH sale.

Manz reported an order book backlog of €301.8 million with around 70% related to its 2 major CIGS orders.