LONDON (Alliance News) - LED systems and laser diode modules manufacturer ProPhotonix Ltd on Tuesday said it swung to profit in 2015 thanks to better margins offsetting a decline in revenue.
The company said its pretax profit for the year to the end of December was USD280,000, compared to a USD1.3 million loss a year earlier.
Revenue declined 12% to USD14.4 million from USD16.4 million, impacted by the strength of the US dollar, but cost cuts meant the group improved its gross margin to 41.4% from 39.1% to offset the revenue fall, helped by a positive shift in its revenue mix.
"We entered 2015 with positive financial momentum from the prior year, but also with economic and foreign currency exchange rate headwinds. Neither of these challenges abated during the year making continuing financial success all the more meaningful," said Chief Executive Tim Losik.
Shares in the company were up 35% to 2.2 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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