Dialight plc releases Interim Management Statement
Dialight plc, the UK based leader in Applied Light Emitting Diode ("LED") Technology, today publishes its Interim Management Statement relating to the period from 1 July 2011 until 10 November 2011, in accordance with FSA Disclosure and Transparency Rule 4.3.
The Board is pleased to report continuing good performance in the Signals/Illumination segment which is showing a strong revenue increase over 2011.
Highlights of the segment’s trading performance during the period include:
• Sales of White lighting products into the industrial market have shown very strong growth against 2010 and for the full year are expected to be double those of the prior year.
• Take-up of our new High Bay Light in both Hazardous and non-Hazardous versions is particularly encouraging as we pioneer the adoption of LED lighting technology in a wide variety of industrial applications.
• Revenues in the Obstruction Lighting segment are showing growth of around 50% driven by adoption of LED technology for US telecommunications towers and European offshore wind turbines.
LED Indication Components
This segment responds to cyclical changes in the global electronic market place and as a result sales have slowed in the second half. The Board believes that the fundamentals of the business remain sound and margins are stable. Revenues are expected to return to more normal levels as the market recovers.
The Electromagnetic Components business is not core to the Group’s LED driven strategy and, therefore, the Board has decided to initiate a strategic review of this segment. This review will be managed by PricewaterhouseCoopers.
The Group maintains a strong balance sheet. Cash generation is in line with expectations with a current balance of £6m.
Dialight’s state-of-the-art solid state lighting products continue to bring substantial savings to customers in Industrial and Hazardous markets and thereby support the strong performance of the Group.
As a result of the success of our strategy in the Solid State Lighting and Signalling markets, the Board remains confident of meeting expectations for 2011 and continuing good progress into 2012.
For further information:
Roy Burton - Group Chief Executive, Mark Fryer- Group Finance Director, Dialight plc
Tel: +44 (0) 1638 778640
Robert Speed- Kreab Gavin Anderson, Tel: +44 (0) 20 7074 1800,
Dialight plc (LSE: DIA.L)
The Group comprises the following business segments:
• Signals/Illumination which addresses the increasing demands for Energy Efficient Lighting solutions through the use of high brightness LEDs and utilisation of a number of associated technologies. Areas of business include Traffic and Rail Signals, Obstruction Lights and Solid State Lighting products.
• LED Indication Components whose sales are primarily to Electronics OEMs for status indication; and
• Electromagnetic Components which supplies smart meter disconnect switches which are used by utility companies to manage remotely electrical supply to residential and business premises.
The company is headquartered in the UK with operating locations in the UK, USA, Mexico, Germany, Denmark, Australia and Japan. More information is available at www.dialight.com.
Simon Bridges Canaccord Genuity Limited Tel: +44 (0) 20 7050 6500