In our Interim Management Statement in November, the Dialight Board announced strong revenue growth in our Lighting segment driven by adoption of LED based Lighting products. Lighting segment revenues have grown by over 70% versus the full year of 2011 and by almost 80% in comparison to the second half. Our sales force has more than doubled versus the prior year and is expected to continue to grow strongly. Lighting sales growth has leveraged incremental Lighting segment contribution in excess of £10m for 2012 over 2011 and the overall profitability of the Lighting segment has quadrupled.
As a result of the growth in both sales and profitability of the Lighting segment the Board is pleased to announce that Dialight will grow operating profit in line with expectations.
The Group’s net cash at 31st December 2012 was almost £15m compared with £13.7m at the end of 2011.
The disposal of the Smart Meter Disconnect Switch product line has been concluded and the Group will now report a combined Components segment comprising LED Indication sales and the small remaining portion of Electromagnetic Disconnect.
The Board’s confidence in the Group’s prospects is supported by the strong performance in 2012.
As a result of the successful execution of our strategy in selected Lighting markets we remain confident in a continued strong performance in 2013.
The Group will publish its preliminary results for the 12 month period ended 31 December 2012 on 25 February 2013.
For further information:
Roy Burton - Group Chief Executive
Mark Fryer- Group Finance Director
Tel: +44 (0) 1638 778640
Canaccord Genuity Limited
Tel: +44 (0) 20 7523 8000
Kreab Gavin Anderson
Tel: +44 (0) 20 7074 1800
About Dialight plc
The Group comprises the following business segments:
Lighting which addresses the increasing demands for Energy Efficient Lighting solutions for industrial/hazardous locations;
Signals that covers Traffic, Transportation and Obstruction signals; and
Components whose sales are primarily to Electronics OEMs for status indication.
The company is headquartered in the UK with operating locations in Australia, Denmark, Germany, Japan, Malaysia, Mexico, Singapore, UAE, the UK and the USA. More information is available at www.dialight.com.
This announcement contains certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of Dialight plc and its subsidiaries is not warranted or guaranteed. These statements typically contain words such as 'intends', 'expects', 'anticipated', 'estimates' and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Although Dialight plc believes that the expectations will prove to be correct. There are a number of factors, many of which are beyond the control of Dialight plc, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.