LONDON (Alliance News) - Lighting technology designer and manufacturer ProPhotonix Ltd posted a narrowed pretax loss for its first half as cost reduction measures taken by the company helped to offset a fall in revenue.
For the half year to end-June ProPhotonix reported a pretax loss of USD173,000, narrowed from a pretax loss of USD484,000 a year before, as a 19% fall in revenue to USD6.7 million from USD8.3 million was offset by lower operating costs.
ProPhotonix attributed 10% of the fall in revenue to currency fluctuations, whilst other factors included a significant distributed product customer not repeating, falling demand from two other customers, and expected sales from new customer engineering products having been delayed. The company noted that it full expects these delayed projects to generate meaningful revenue in future periods.
As many of the company's expenses are denominated in the same currencies as revenue, this helped provide a natural hedge against currency fluctuations, as well as cost reductions the company has implemented over the last two years.
Separately the company announced the launch of its new ultra violet LED lamp, COBRA Cure FX, which it said is suited to a range of ultra violet curing applications.
"Over the past two years we have assessed various markets and product features and have developed a product strategy focusing on large markets complemented by our design capabilities. To this end, we are concentrating our engineering talents in a couple of specific market areas which we believe are poised for fast market expansion," said Chief Executive Officer and President Tim Losik in a statement.
Shares in ProPhotonix were untraded Wednesday morning. It last closed at 1.51 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
