Trading Update

RNS Number : 7261P

Dialight PLC

10 June 2015

 

10 June 2015

Dialight plc

("Dialight" or the "Company")

Trading Update

In its AGM Trading Update of 15 April 2015, Dialight said that Group revenue growth for the first quarter had exceeded expectations but that we had a number of operational inefficiencies.

However, since April the Group has also experienced a slowdown in the rate of orders in the Lighting segment in both the US and Europe which is likely to result in a shortfall in full year revenue. In consequence, the Board expects that underlying operating profit for 2015 will be significantly below expectations and that the results for the first half will be less than the prior year.

The Board believes that this reduction in orders is linked in part to a slowdown in the oil and gas sector.

In the light of this adverse financial performance, and in conjunction with the previously-announced exercise to develop the Group's production infrastructure and processes, Michael Sutsko, the new Group Chief Executive, is leading a strategic review of the business. This review will focus will on the markets in which the Group currently operates, together with an attendant review of its operations, supply chain, and product development. 

The Board remains convinced of the longer term prospects for the Group and it expects to update the market with the findings of this review in the autumn.

The Group will publish its results for the six month period ending 30 June 2015 on 27 July 2015.

A conference call for analysts and investors to discuss this update will be held at 08.00 BST today. To access this call, please dial:

UK number 0203 139 4830

UK toll free number 0808 237 0030

Participant PIN 93522563#

For replay details, please contact FTI Consulting.

Contacts:   

Dialight PLC

Michael Sutsko - Group Chief Executive

Fariyal Khanbabi - Group Finance Director

Tel: [phone]

Canaccord Genuity Limited

Peter Stewart

Tel: [phone] 

FTI Consulting

Nick Hasell

[phone]
 

 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.

 

END

 

 

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