Dialight PLC Trading Update (2649U)

TIDMDIA

RNS Number : 2649U

Dialight PLC

23 October 2017

23 October 2017

Dialight plc

("Dialight" or the "Group")

Update

Dialight, the world's leading industrial LED lighting technology company, today publishes an update on its strategic initiatives and outlook.

Summary

Since the Group announced its interim results, it has successfully launched the upgraded Area Light and High Bay Product Lines. In addition, we completed the transfer of production for these products to our manufacturing partner. However, due to short-term production challenges, we now expect EBIT for the year ending 31 December 2017 to be in the range of GBP13.5m to GBP15.5m.

Outlook

We added significant technology upgrades in our two largest product lines: Area Light and High Bay. These exciting products give us a broader base to our offering and provide our customers with the next generation of features, including greater energy efficiency, global certification and controls capability. We are optimistic about the prospects for customer take-up for these product lines in our next financial year and beyond.

We expect to end the current financial year with a strong net cash position and the Board is considering reinstating dividend payments. Any decision on the level of a proposed final dividend for the year ending 31 December 2017, will be made when finalising the year-end results, which are expected to be released on 26 February 2018.

Michael Sutsko, Group Chief Executive, said:

"The Board has ambitious plans for the Group, both in terms of the significant transition of our capabilities and for future growth. Our outsourced manufacturing challenges are disappointing but are being addressed over the coming months. Our significant new product launches and the benefits they offer our customers as they migrate to LED lighting continue to give us considerable optimism for the future growth of Dialight."

Contacts:

Dialight Plc

Michael Sutsko - Group Chief Executive

Tel: [phone]

Fariyal Khanbabi - Group Finance Director

Tel: [phone]

MHP Communications

Tim Rowntree

James White

Tel: [phone]

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, thereby reducing energy consumption and ongoing maintenance and achieving a rapid return on investment.

The company is headquartered in the UK with operations in the USA, UK, Denmark, Germany, Malaysia, Singapore, Australia, Mexico and Brazil. www.dialight.com.

This Trading Update is based on unaudited management accounts information and has been prepared solely to provide additional information to the shareholders of Dialight plc. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the Directors in good faith using information available up until the date that they approved this statement. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks.

Dialight's LEI code is 2138001AD31KKD29Z495.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 23, 2017 02:00 ET (06:00 GMT)