(Alliance News) - ProPhotonix Ltd on Thursday reported a swing to profit for 2019 as administrative costs halved year-on-year, despite a minor decline in revenue.
For the year, the LED lighting manufacturer posted a pretax profit of USD1.1 million, compared to a loss of USD1.3 million the year before.
This was due to selling, general and administrative expenses dropped to USD3.7 million from USD6.3 million.
However, revenue declined by 6.8% to USD15.0 million from USD16.1 million the prior year, which ProPhotonix attributed to a variety of shifts in business specific to each customer.
Looking ahead, the company said it will continue to make investments in opportunities in the original equipment manufacturer sector, as well as product development including ultra-violet, multi-wavelength devices and laser technology.
"Though challenging, 2019 ended the year very strong in the second half. The year represents the tale of two halves. Revenue in the second half increased 8.9% over the first half with bookings increasing 30% over the same period. Cost reductions initiated in the first half carried through the second half contributing to the overall improved profit for 2019. The commitment to investments continues with the award of two patents in early 2020 and we intend to continue making such applications in the future where and when appropriate," ProPhotonix stated.
Shares in ProPhotonix were 22% higher at 1.592 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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