(Alliance News) - ProPhotonix Ltd on Thursday said it expects to record a 9% drop in annual revenue despite improved trading conditions in the second half of the year.
The US-based LED illumination systems manufacturer predicts 2019 revenue to total USD14.9 million, down from USD16.4 million recorded in 2018 and in line with previous guidance.
"Despite this improved customer activity, there remain a number of key accounts who have yet to resume their activity to the levels in 2018. However, following recent discussions with many of these other customers, the outlook for 2020 is more positive than 2019," said Chief Executive Tim Losik.
ProPhotonix said trading conditions improved in the second half as compared to the first half but orders did not recover to 2018 run-rate levels.
The company's order book at the end of the second half stood at USD9.3 million, up 30% from USD7.1 million in the first half. Revenue increased 9% to USD7.8 million from USD7.1 million.
The strong second half performance resulted in 2019 orders totaling USD16.5 million, up from USD16.1 million in 2018.
Shares in Prophotonix were untraded on Thursday morning in London, last quoted at 1.65 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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