Dialight Share News (DIA)

EARNINGS AND TRADING: Dialight trades in line; Petards swings to loss

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Dialight swings to loss on higher costs; revenue drops

(Alliance News) - Dialight PLC on Monday said a rise in costs hurt its annual loss; but said it remains confident looking ahead.

IN BRIEF: Dialight hires new CEO shortly after new CFO started

Dialight PLC - London-based producer of LED lighting for heavy industrial applications - Appoints Steve Blair as chief executive officer, effective immediately, as Fariyal Khanbabi has stepped down from her role as CEO and as director of the company. Back in September, Chief Financial Officer Clive Jennings resigned with immediate effect. At the end of last month, Dialight hired Carolyn Zhang as CFO, who started her role on February 1.

IN BRIEF: Dialight confident for 2024 after rebound in second half

Dialight PLC - London-based LED lighting for heavy industrial applications - Revenue for 2023 is GBP148.8 million, down 12% on 2022, with Lighting revenue down 7% and Signals & Components down 25%. The Lighting business improves in the second half of the year, but Signals & Components is hurt by weak trading within Opto Electronics. On an underlying operating basis, Dialight is broadly breakeven in 2023, as a loss in the first half of the year is followed by profit in the second. Net debt on December 31 is GBP12.3 million, in line with board expectations and down from GBP22.7 million at the end of June.

UK shareholder meetings calendar - next 7 days

Dialight raises GBP11 million for transformation programme

(Alliance News) - Dialight PLC on Wednesday said it has raised GBP10.6 million through a placing and retail offer.

IN BRIEF: Dialight launches fundraise to support transformation plan

Dialight PLC - London-based electronics company specialising in LED lighting - Plans to raise GBP10.55 million by way of an institutional placing and retail offer at 159 pence per share. Placing will be conducted via an accelerated bookbuild process, which will be launched immediately. Believes the fundraising will enable implementation of the transformation plan to be accelerated and de-risked by providing increased headroom to support near term investment commitments. Explains acceleration and successful execution of the transformation plan would help enable the group to meet its recently published medium term financial targets in its 2026 financial year. Implementation of the transformation plan is expected to return the group to a net cash funding position before the end of financial year 2026. Further, plans offer to existing retail investors of up to GBP1 million shares at GBP1.59 per share.

IN BRIEF: Dialight plans fundraise alongside transformation plan

Dialight PLC - London-based electronics company specialising in LED lighting - Engages in talks with lender HSBC to secure additional covenant flexibility to support the business in the near term, given the current volatility in market conditions. Explains company's financing comprises a USD34 million revolving credit facility with HSBC, which matures in July 2025 and has an option for two one-year extensions. Says HSBC has agreed to vary the interest cover covenant for the September 2023 test period from 4.0x to 2.5x.

UK earnings, trading statements calendar - next 7 days

Dialight swings to loss as revenue falls, finance chief resigns

(Alliance News) - Dialight PLC on Monday said it swung to an interim loss in line with falling revenue, while it announced the immediate resignation of its chief financial officer.

Franchise Brands hires new finance chief after reporting revenue soars

(Alliance News) - Franchise Brands PLC on Thursday said it will appoint Mark Fryer to the board as chief financial officer, effective from Wednesday next week, after it reported rising revenue in the first half of 2023.

TRADING UPDATES: Cornerstone FS revenue doubles, loss widens

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

UK shareholder meetings calendar - next 7 days

IN BRIEF: Dialight annual profit falls amid "tough" conditions

Dialight PLC - London-based electronics company specialising in LED lighting - Posts a pretax profit of GBP500,000 in 2022, down from GBP700,000 in 2021, as distribution costs rise to GBP25.5 million from GBP21.3 million and administrative expenses increase to GBP26.8 million from GBP23.6 million. Meanwhile, revenue climbs to GBP169.7 million from GBP131.6 million. Explains that the second half of the year saw tougher trading conditions with lower levels of revenue growth and a combination of input cost pressures and global component shortages. Says it enters 2023 in a "good position" but says that the short-term macroeconomic outlook remains "challenging" with global supply chain disruptions not expected to alleviate until the second half of 2023.

Dialight achieves annual rise in revenue; profit down as costs climb

(Alliance News) - Dialight PLC on Monday reported a double-digit rise in annual revenue but suffered a fall in profit as expenses rose.