Business
Update Announcement
Update Announcement.
About this update from Dialight Plc
Dialight plc ("Dialight" or the "Group") Update Announcement Dialight plc (LSE: DIA.L), the global leader in LED lighting for heavy industrial applications, today publishes the following update announcement. Trading update and preliminary announcement date The Company announced a change in accounting year (from 31 December 2023 to 31 March 2024) in a trading update on 30 January 2024, and released its second interim results on 19 February 2024. Trading for the last 3 months of FY2023/24 through to 31 March 2024 remained in line with management expectations. The Company intends to announce its preliminary results in mid/late July 2024. Transformation plan update A further update on progress against the transformation plan will be provided in the preliminary results. Non-core disposal Good progress has been made on the disposal of one of the non-core businesses, with heads of terms signed and final documentation well advanced. Sanmina litigation update Dialight has previously confirmed that a trial date has been set for 15 July 2024, subject to any further motions and/or mediation, and is anticipated to last for 10 days. Preparations for that trial are well underway. The Company is currently waiting for judgments to be released on a number of pre-trial motions and will make further announcements if and when appropriate. Further details of Dialight's claim against Sanmina, including a detailed Q&A, can be accessed at www.dialight.com/ir/shareholder-information/sanmina-litigation/ . Change in reporting currency In the second interim results announced on 19 February 2024, t he Company confirmed that it was reviewing whether it remained appropriate to continue to report the Group's results for the 15-month period ending 31 March 2024 in UK sterling, noting the translational differences in reported results that arise from movements in foreign exchange rates due to most of the Group's revenues, costs, and financing being denominated in US dollars. To mitigate this, the Board has determined that that the preliminary results will be reported in US dollars. Date of Annual General Meeting The Company intends to hold its annual general meeting on Monday 23 September 2024. Broker appointment Dialight is pleased to confirm the appointment of Investec Bank plc as its financial adviser and corporate broker. Contacts: Dialight plc Tel: +44 (0)203 058 3542 Steve Blair, CEO Carolyn Zhang, CFO Investec Bank plc (Financial Adviser and Corporate Broker) Tel: +44 (0)207 597 5970 Christopher Baird / James Rudd About Dialight: Dialight (LSE: DIA.L) is a global leader in sustainable LED lighting for industrial applications. Dialight's LED products are providing the next generation of lighting solutions that deliver reduced energy consumption and create a safer working environment. Our products are specifically designed to provide superior operational performance, reliability, and durability, reducing energy consumption and ongoing maintenance, and achieving a rapid return on investment. The company is headquartered in the UK, with the main operations in the USA, UK, Mexico, Malaysia and Singapore, Australia. To find out more about Dialight, visit www.dialight.com .