Last checked at 15 Apr 2015 07:00
15 April 2015
Dialight plc
("Dialight" or the "Company")
AGM Trading Update
Dialight plc (LSE: DIA.L), the UK-based market leader in LED lighting, today publishes the following trading update for the three months to 31 March 2015 in advance of its Annual General Meeting, to be held later today.
Demand for our market-leading products within the Lighting segment remained strong and Group revenue growth for the quarter exceeded management expectations.
The initial assessment from the business review conducted by the Group's recently-appointed Interim Group Chief Executive and Group Finance Director, in conjunction with our management teams in the UK and US, is that the development of Dialight's production infrastructure and processes will need more focus and attention to keep pace with the Group's rapid growth in sales. The Board will be reviewing a range of actions to improve the operational performance of the business in the second half and beyond.
Group net debt at the end of the period was £8.9m.
We remain encouraged by the strong demand for LED lighting. Although the Group's operating profits will be weighted more towards the second half of 2015 than in previous years, the Board's expectations for the full year remain unchanged.
Contacts:
Dialight PLC
Richard Stuckes - Interim Group Chief Executive
Fariyal Khanbabi - Group Finance Director
Tel: 01638 778641
Canaccord Genuity Limited
Peter Stewart
Tel: +44 (0) 20 7523 8000
FTI Consulting
Nick Hasell
+44 (0)20 3727 1340
About Dialight plc
The Group comprises the following business segments:
Lighting which addresses the increasing demands for Energy Efficient Lighting solutions for industrial/hazardous locations;
Signals that covers Traffic, Transportation and Obstruction signals; and
Components whose sales are primarily to Electronics OEMs for status indication.
The company is headquartered in the UK with operating locations in Australia, Brazil, Denmark, Germany, Malaysia, Mexico, Singapore, UAE, the UK and the USA. More information is available at www.dialight.com.