LONDON (dpa-AFX) - Dialight plc (DIA.L), a maker of LED lighting for heavy industrial applications, reported Tuesday weak group revenues and lighting orders in fiscal 2023.
In its trading and operational update, the company reported a broadly breakeven position for the year as it returned to underlying operating profitability in the second half following an underlying operating loss of 2.5 million pounds in the first half.
Full-year Group revenue reduced 12 percent on a reported and constant currency basis from last year to 148.8 million pounds.
Lighting revenues were down 7 percent on a reported basis and 6 percent at constant currency rates, with Signals & Components revenues down 25 percent.
Order intake within the Lighting business was down 2 percent.
The company said demand trends and operating conditions in end markets through the latter part of 2023 remained consistent with those at half year results.
Profit performance as expected was appreciably stronger in the latter part of 2023, benefiting from both increased revenue and lower costs.
Looking ahead, Dialight said it 'demonstrated resilience in the latter part of 2023, returning the business to run rate operating profitability, despite subdued demand, and taking decisive action to reinforce its financial position. As a result, and whilst markets are expected to remain challenging into 2024 with ongoing uncertainty around the timing of capex projects, the Board is confident in the Group's ability to sustain this momentum. Supported by an encouraging aftermarket sales backdrop and further self-help initiatives, we expect to make progress over the course of 2024.'
Regarding the Group transformation plan announced in September 2023, the company said its Board has established a formal Board committee, chaired by Steve Blair, Senior Independent Director.
The Transformation Plan includes an ongoing review of its businesses, with a view to streamlining operations and narrowing focus on Dialight's core competencies.
About Sanmina litigation, Dialight confirmed that a trial date has been set for July 15, 2024, subject to any further motions, appeal processes and/or mediation, and is anticipated to last for 10 days.
Further, the company has taken the decision to change its financial year-end to March 31, effective immediately, in order to finish the reporting year with the quietest trading quarter.
The company will publish additional interim results for the 12-month period ended December 31, 2023, on February 19, and final, audited results for the 15-month period ended March 31 in July 2024.
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