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Interim Results

Dialight underlying operating profits up

02 August 2016 09:23

Dialight reports a resilient first half performance and good progress with its plan to seek to drive long term profit growth and cash generation.

Revenues fell to £79.8m from £80.6m but underlying operating profits rose to £4.2m from £1.7m and underlying basic earnings per share increased to 7.8p from 5.4p. Order intake was up 10% from H1 2015 (6% at constant currency).

Group chief executive Michael Sutsko said: "Dialight made encouraging progress in the first half of 2016. We grew profit and free cash flow, in spite of soft industrial market conditions. This shows the early benefits of our improvements to Dialight's operating model. It is particularly pleasing to see greater visibility on second half revenues, with orders up 10% compared to the prior year.

"We are making progress with our plan to seek to drive long term profit growth and cash generation. Dialight maintains its strong customer relationships and distribution channels, global footprint, differentiated technical capability and highly engaged leadership team. The Board remains confident of making progress this year and beyond; our expectations for the second half of 2016 remain unchanged, before any potential currency tailwinds."

At 9:23am: (LON:DIA) Dialight PLC share price was +1.5p at 565.5p

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