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Dialight PLC - London-based industrial LED lighting technology and solutions - Pretax loss for the six months ended June 30 widens to GBP6.0 million from GBP3.8 million a year prior. Revenue falls 26% to GBP56.3 million to GBP76.1 million, but distribution costs are cut by 21% and administrative expenses by 20%, including GBP1.8 million in cost savings through salary cuts and furloughed staff. Dialight experiences challenges across the board, notably with the closure of its Mexican and Malaysian manufacturing facilities during those countries' lockdowns as well as a dip in overall order intake during April and May. The company proposes no interim dividend, the same as last year. Dialight's balance sheet "remains robust" having secured substantial liquidity through banking facilities. "We are operating the group on the basis that it will continue to be impacted by COVID-19 for the foreseeable future," says Chief Executive Fariyal Khanbabi. "We have adopted an agile approach balancing risk mitigation and business continuity with a primary focus on cash and ensuring we have sufficient liquidity to weather this crisis."
Current stock price: 300.00 pence
Year-to-date change: up 27%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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