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(Alliance News) - Dialight PLC on Monday reported a swing to profit swing in the first half of 2021, as the company saw some recovery in its end markets.
Shares in Dialight were up 5.8% to 333.35 pence each in London on Monday morning.
Pretax profit for the six months ended June 30 was GBP100,000, swinging from a loss of GBP6.0 million a year ago.
The London-based industrial LED lighting technology and solutions company posted revenue of GBP60.2 million, up 9.1% from GBP55.2 million.
Revenue growth reflects some recovery in end markets, but also ongoing reclaiming of market share, Dialight said.
Dialight noted it took action during 2020 to streamline its cost base, increase financial liquidity, and develop stronger sales and supply chain platforms.
Dialight has decided against declaring an interim dividend, unchanged from a year ago.
"We expect our markets to continue to recover, albeit at varying rates, while acknowledging that there are potential ongoing headwinds including currency, inflation, and supply chain constraints. We have a good pipeline of projects for the second half of the year, but our expectations remain unchanged at this stage," said Chief Executive Fariyal Khanbabi.
Also on Monday, Dialight announced changes in the board, which will take effect on September 10.
David Blood has decided to step down as chair, following two years in the role. Blood will remain on the board as a non-executive director, however.
Karen Oliver will takeover as chair. Oliver has been a non-executive director since April 2020 and has extensive experience across a range of industrial sectors, Dialight said.
After previously announcing that Senior Independent Director Stephen Bird will step down from the board, Dialight said Monday that David Thomas will become senior independent director in addition to his continuing role as chair of the Audit Committee.
By Amrit Sahota; newsroom@alliancenews.com
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