29 Jan 2015 07:00
29 January 2015
PhotonStar LED Group plc
Directorate change
PhotonStar LED Group plc (AIM: PSL, "PhotonStar" or "the Group"), the British designer and manufacturer of smart LED lighting solutions, announces that Group CFO Russell Banks is stepping down for personal and health reasons within a week and after completing an orderly handover.
The audit for the year to 31 December 2014 has yet to commence but management accounts for revenue and adjusted EBITDA are in line with the trading update of 11 November 2014. Additionally the unaudited cash in the bank at 31 December 2014 was £1.1m and the group had drawn down £0.7m of invoice financing debt out of its total facility of £1.3m.
The search for a new CFO is underway. In the meantime, operational management of the finance function will be undertaken by existing directors, Interim Group COO David McTurk and Nigel Lee of CFO Solutions Ltd (Company Secretary). Nigel has been providing accounting function support to PhotonStar since 2008.
For further information:
PhotonStar LED Group PLC (www.photonstarled.com) | +44 (0)2381 230381 |
James McKenzie - Group Chief Executive
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finnCap Limited | +44 (0)20 7600 1658 |
Geoff Nash /Charlotte Stranner (Corporate finance) Victoria Bates (Corporate Broking)
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Mirabaud Securities LLP (Joint Broker) | +44 (0)20 7878 3362 |
Peter Krens / Edward Haig-Thomas | |
Instinctif Partners | +44 (0)20 7457 2020 |
Adrian Duffield / Kay Larsen |
About PhotonStar LED Group PLC
PhotonStar LED Group plc is a leading British designer and manufacturer of intelligent lighting solutions. The Group's proprietary technology halcyon™ is a connected lighting platform that includes hardware and software for wireless, microprocessor controlled retrofit LED lighting and control systems, optimised for energy saving, circadian and data-centric applications.
As light is needed wherever there are people, the halcyon platform can also provide a connected grid that will enable rich data collection, as well as an ecosystem to enable other devices to operate.
PhotonStar is based in Romsey, Hampshire with manufacturing in Wales.