Last checked at 16 May 2023 07:00
Dialight plc
("Dialight" or the "Group")
AGM trading update - expectations unchanged
Ahead of its annual general meeting to be held at 16.30 today, Dialight plc (LSE: DIA.L), the global leader in LED lighting for heavy industrial applications today provides a trading update for the period from 1 January to 30 April 2023 (the "period").
Current trading and outlook
Lighting has seen continued strong Maintenance Repair and Operations (MRO) demand, but the lower level of larger capex orders seen during the final quarter of 2022 continued in the period. Signals & Components revenue is lower than 2022, driven by destocking in the channel as previously highlighted. Margins remain under pressure due to component price inflation, but we are renegotiating pricing with key suppliers where possible and have identified a number of cost improvements that will take effect in the second half. Our focus remains on delivering for our customers despite supply chain disruption.
We remain mindful of the risk posed by the current economic uncertainty, however our expectations for the year remain unchanged with performance now more significantly weighted to the second half. Longer term we remain confident of our prospects given our leading sustainability products, growing market share and significant market opportunity.
The Group will publish its results for the six months ending 30 June 2023, on 31 July 2023.
Contacts:
Dialight plc
Tel: +44 (0)203 058 3542
Fariyal Khanbabi - Group Chief Executive
Clive Jennings - Chief Financial Officer
About Dialight:
Dialight (LSE: DIA.L) is a global leader in sustainable LED lighting for industrial applications. Dialight's LED products are providing the next generation of lighting solutions that deliver reduced energy consumption and create a safer working environment. Our products are specifically designed to provide superior operational performance, reliability, and durability, reducing energy consumption and ongoing maintenance, and achieving a rapid return on investment. The company is headquartered in the UK with operations in Australia, Dubai, the EU, Malaysia, Mexico, Singapore, the UK, and the USA. www.dialight.com.
Notes:
Cautionary Statement. This announcement may contain certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of Dialight Plc and its subsidiaries is not warranted or guaranteed. These statements typically contain words such as 'intends', 'expects', 'anticipated', 'estimates' and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Although Dialight Plc believes that the expectations will prove to be correct. There are a number of factors, many of which are beyond the control of Dialight Plc, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.