29 Jul 2011 07:00
29 July 2011
PhotonStar LED Group Plc
Half year trading update
PhotonStar LED Group plc (AIM: PSL, "PhotonStar" or "the Group"), the British designer and manufacturer of smart LED lighting solutions, has published a trading update for the six months to 30 June 2011.
Trading in the first half has been in line with the Board's expectations with the Group making good progress. The Board is confident that PhotonStar will continue to grow strongly as the lighting market transitions to LED lighting.
Group revenue increased by 85% to £2.54m (H1 2010: £1.37m) with gross profit moving up to £0.93m (H1 2010: £0.27m). The LED Fixtures business continues to scale up well and has seen substantial new lead generation and pipeline growth. Following the rationalisation and refocusing of its product range, the LED Light Engines business is also showing strong growth underpinned by two major supply agreements.
In May, the Group acquired Camtronics, a specialist contract assembly company based in Tredegar, Wales. The acquisition has provided access to additional manufacturing capacity and brought in valuable expertise in surface mount electronics. The Group has now completed the integration of both the Enfis and Camtronics businesses, removed the duplicate R&D facility and reduced the cost base, including the closure of Enfis' former facility in Swansea.
The Group anticipates announcing its interim results for the six months to 30 June 2011 in mid-September.
James McKenzie, CEO of PhotonStar, commented
"We have made great progress in the first half of the year and rationalised the former Enfis specialty LED light engine range - turning it from loss making into a profitable product line with strong growth underpinned by two major supply agreements.
"Our ChromaWhite colour tuneable technology has already won a major industry award. We see a significant market opportunity as standard light engines emerge through the work of the Zhaga Consortium, an industry body and its role in accelerating the adoption of LED lighting globally.
"Overall we very are encouraged by what has been achieved in the first half of the year and look forward to further progress in the second half ."
For further information:
PhotonStar LED Group plc | |
James McKenzie - Chief Executive Officer | +44 2381 230 381 |
Ceri Jones - Chief Financial Officer | +44 1495 713 077 |
FinnCap | +44 20 7600 1658 |
Geoff Nash/ Charlotte Stranner - Corporate Finance Brian Patient - Corporate Broking | |
College Hill | |
Adrian Duffield/Jon Davies | +44 20 7457 2020 |
Note to editors
About PhotonStar LED Group PLC
PhotonStar LED Group PLC ("PhotonStar" or the "Group") is a British designer and manufacturer of smart LED lighting solutions. The Group's proprietary technology seamlessly integrates LEDs, sensors and controls to provide intelligent lighting for commercial and architectural applications which benefit from greater CO2 reduction, lower cost of ownership & improved functionality compared to other available light sources. PhotonStar's lighting products have won numerous awards for performance, innovation and reliability, and are unique in the industry for the use of recycled, and recyclable materials, which means they have 90% less embodied CO2 than equivalent products providing the same levels of illumination.
PhotonStar comprises two divisions: LED Lighting Fixtures which works with lighting designers, architects, house builders, facilities management companies and sustainability consultants to provide intelligent, high-end LED lighting solutions for the commercial and architectural market, and LED Light Engines which provides LED lighting solutions for specialist applications such as film & television production lighting, UV curing and medical applications.
PhotonStar is based in Romsey, Hampshire with manufacturing in Wales. The Company was admitted to AIM in December 2010.