Focusing on growth

Dialight delivered solid H126 results, with underlying operating profit up sixfold to $5.5m (H125: $0.9m) driven by higher gross margin and lower overheads. Underlying operating cash flow more than doubled to $13.9m (H125: $6.3m) due to increased profitability and improved working capital management (particularly inventory). The company achieved this despite revenue declining 4.3% y-o-y to $86.4m (H125: $90.3m), reflecting the continued challenging market conditions amid tariff uncertainty and higher cost of materials, delaying sales orders. Lighting revenue fell 9.4% y-o-y to $60.4m (H125: $66.7m), while Signals & Components revenue rose 10.2% y-o-y to $26.0m (H125: $23.6m). Group EBITDA was $9.6m (H125: $5.2m), while earnings per share...