REG-Dialight PLC AGM and IMS
Date/Range: 7-MAY-2008
Short Abstract: REG-Dialight PLC AGM and IMS
DIALIGHT PLC
AGM and Interim Management Statement
Dialight plc, the UK based leader in Applied LED Technology, today publishes its
Interim Management Statement relating to the period from 1 January 2008.
Dialight consists of two business segments:-
O Signals/Illumination which includes Traffic and Rail Signals, Obstruction
Lights and the new product area of Solid State Lighting
O Components comprising Light Emitting Diode (“LED”) Indication Components
and Electromagnetic Disconnects (‘smart’ meter disconnect switches)
Highlights
– Orders for Signals/ Illumination showing continued double digit growth
– Strong order intake for Meter Disconnect product
– Indication Components continues to perform well
– Sale of Indication Business on track
– Margins stable in spite of inflationary pressure
– Overall trading in line with expectations
Current trading
Dialight has had an encouraging start to 2008. Orders for the Signals/
Illumination segment are robust and would support continued double digit growth
across each of our product lines. In particular, our European Traffic business
has had a strong start to the year and the North American Traffic business is
benefitting from shipments of the previously announced contract for Miami Dade
County in Florida. Sales of Obstruction Lights into the North American Wind
Tower market continues to gain momentum.
Our LED Indication product lines have shown good solid performance with order
intake at a similar rate to the second half of 2007. In spite of the talk of
recession in the North American market, sentiment from our customers and
distributors is that business is still cautiously positive.
The Dialight BLP Meter Disconnect business has had a good start with the
$4,000,000 blanket order received in the first quarter from one major US meter
manufacturer and production orders received from another US meter manufacturer.
This segment should exhibit significant growth in the second half of 2008.
While the much published price pressures on commodities have been apparent in
our purchased materials, cost reduction is an ongoing activity within Dialight
and in spite of those pressures, we have been able to maintain and in some cases
to improve our margins.
In March we announced that we would pursue the possible sale of our LED
Indication business and have commenced a formal sale process with our financial
advisors. The process is progressing in line with our intentions.
In summary, Dialight has had a good start to the year and trading is in line
with expectations. The Board remains confident in the prospects for the current
year.
Notes
This Interim Management Statement contains certain forward-looking statements
which have been made by the Directors in good faith using information available
up until the date they approved the statement. Forward-looking statements should
be regarded with caution as by their nature such statements involve risk and
uncertainties relating to events and circumstances that may occur in the future.
Actual results may differ from those expressed in such statements, depending on
the outcome of these uncertain future events.
This information is provided by RNS
The company news service from the London Stock Exchange