Business
Unaudited Half Year Results 2023
Unaudited Half Year Results 2023.
About this update from Dialight Plc
[{"type":"text","content":"\n\n Dialight plc\n(\"Dialight\" or the \"Group\")\n \nUnaudited half year results 2023\n \nChallenging first half, full year below prior expectations\nTransformational plan to deliver significantly improved performance over medium term\n \nDialight plc (LSE: DIA.L), a global leader in sustainable LED lighting for industrial applications, announces its half year results for the period ended 30 June 2023.\n\n\n\n\nFinancial summary\n\n\n H1 2023\n£m\n\n\nH1 2022\n£m\n\n\n\n\nRevenue\n\n\n73.2\n\n\n80.8\n\n\n\n\nUnderlying (loss)/profit from operating activities\n\n\n(2.5)\n\n\n3.1\n\n\n\n\n(Loss)/profit from operating activities\n(Loss)/profit for the period\n\n\n(2.8)\n(3.1)\n\n\n2.3\n1.2\n\n\n\n\nStatutory EPS - basic and diluted\n\n\n(9.6p)\n\n\n3.7p\n\n\n\n\nNet debt - pre-IFRS 16\n\n\n(22.7)\n\n\n(20.2)\n\n\n\n\n \nKey points and outlook\n· At constant currency Group orders down 12%, with Lighting 6% lower than H1 2022 as a result of weak capex orders, Signals & Components 25% lower\n· Group revenue 13% lower than the prior year (9% at reported currency), largely driven by the cyclical downturn in Signals & Components\n· Gross margin fell to 29.6%, as a result of continued elevated component costs together with lower overhead absorption (2022: 34.9%). The Group had an operating loss of £2.5m in the first half\n· Net debt at 30 June 2023 of £22.7m, driven by the loss in the period, compared to £20.9m at year-end 2022\n· Current trading and the full year outlook are below our prior expectations. However, the Board expects an improved second half trading performance when compared to the first half and the prior year period driven by a solid order book in the seasonally strongest period, lower component costs coming through and cost savings. Expected to deliver progress in 2024.\nStrategic and operational review\n· The Board, led by new Chair Neil Johnson, has undertaken a detailed review of the Group's operations and strategy\n· Concluded that the ...