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Annual Results

Dialight underlying profits fall after difficult year

08 March 2016 09:14

Dialight's underlying operating profits fell to GBP6.1m in the year to the end of December - down from GBP18.1m in 2014.

Revenues rose to GBP161.4m from GBP159.8m but underlying operating margins fell to 4% from 11% in 2014.

The group posts a statutory pre-tax loss of GBP3.9m against a pre-tax profit of GBP15.5m last time.

The board is not proposing a final dividend for 2015 (2014: 9.8p).

Group chief executive Michael Sutsko said: "2015 was a difficult year for Dialight. A downturn across a number of our markets exacerbated operating challenges. We took immediate action in the second half of the year to address these issues, including improving operational processes in our manufacturing plants and reducing headcount. I would like to thank all of our stakeholders for remaining supportive of the company during this transitional period.

"In October 2015 we set out a new strategy to return the business to sustainable profitable growth. We are making progress in 2016, having refocused our sales strategy, established our first manufacturing partnership as well as securing our first automation partnership. Although the economic outlook remains uncertain, there are a number of initiatives underway and we are targeting underlying EBIT growth in 2016. We are confident in the Group's outlook over the medium to long-term."

Dialight also announced changes to the board with Martin L. Rapp and David Thomas appointed as non-executive directors with effect from the annual general meeting on 26 April and Tracey Graham and Robert Lambourne announcing their intention to step down. Both will remain on the board until the AGM.

At 9:14am: (LON:DIA) Dialight PLC share price was -27.37p at 488.63p

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