In our Interim Management Statement in November, the Dialight Board announced strong revenue growth in our Signals/Illumination segment driven by adoption of LED based White Lighting products and LED Strobe Lights for Aircraft Obstruction Lighting.
For 2011 White Lighting revenues have grown by over 100% versus 2010 and obstruction by almost 50%.
As a result of this sales growth the Board is pleased to announce that Dialight will grow Group operating profit by more than 30% in 2011.
The Group’s net cash at 31st December 2011 was almost £14m compared with £10.2m at the end of 2010.
In November it was announced that the Electromagnetic Components business which supplies smart meter disconnect switches was not core to the Group’s LED driven strategy. A strategic review was instituted and has now been completed and the Board is pursuing a sale of this business
We are pleased to announce the settlement of a previously announced commercial dispute with a customer for whom a development has been in process since 2007 to produce customised LED rail signals. Following receipt of proceeds from the disconnect switch licence agreement first disclosed in the Interim Management Statement released in April 2011, the Board confirms that these transactions taken together will not have a material effect in respect of the financial statements for the year ending 31 December 2011. There will be further accounting disclosure in the financial statements.
The Board’s confidence in the Group’s excellent prospects is supported by the strong performance in 2011 and the continued high growth in White Lighting.
As the result of the successful execution of our strategy in selected White Lighting and Signalling markets we remain confident in a continued strong performance in 2012.
The Group will publish its preliminary results for the 12 month period ended 31 December 2011 on 27 February 2012.
Dialight plc is leading the lighting revolution for industrial users across the world. Applying leading edge LED technology it produces retro-fittable lighting fixtures designed specifically for hazardous locations, obstruction lighting, traffic and rail signalling to vastly reduce maintenance, save energy, improve safety and ease disposal. Versions of these high specification luminaires are also produced for more general commercial, industrial and outdoor situations.
Dialight 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.
· 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 and listed on the London Stock Exchange (LSE:DIA.L,GB0033057794) with operating locations in the UK, USA, Denmark, Germany, Australia, Japan and Mexico. More information is available at www.dialight.com.
Roy Burton - Group Chief Executive Mark Fryer- Group Finance Director, Dialight plc Tel: +44 (0) 1638 778640 Simon Bridges - Canaccord Genuity Limited, Tel: +44 (0) 20 7050 6500 Robert Speed- Kreab Gavin Anderson, Tel: +44 (0) 20 7074 1800