Enfis announced the results of its strategic review and a further update on current trading.
The Group is a global leader in the design, development and manufacture of intelligent, high-power light emitting diode (LED) light engines and arrays across a wide range of wavelengths.
Trading
Sales for the year ended 31st December 2009 were in excess of £700,000 and its year-end cash balance was in excess of £1m. Total borrowings at the year-end were £58,000.
Since 30th November 2009 update the Group has reduced its cash burn through closure of its North American office and rationalisation of its UK and Shanghai premises. As a result of the strategic review, additional engineering effort and technical sales support have been recruited.
The Solid State Lighting market continues to grow strongly and with clear focus and an increasingly cost effective product portfolio, the Group is well placed to increase its market penetration strongly.
Strategic Review
The key conclusions from the comprehensive review of the business and corporate strategy is that the market opportunity for LED based Solid State Lighting (SSL) continues to be large and growing strongly as a result of powerful energy saving initiatives across the globe, driven by political and economic imperatives.
Enfis will now focus its main attention on the following lighting and application sectors:
• Entertainment lighting (e.g. film and TV production, concert and theatre);
• Medical lighting;
• Exterior and interior architectural lighting;
• High end retail lighting; and
• Medical and industrial applications (e.g. using ultraviolet light for industrial and medical curing processes).
Management considers Group’s cash balances are sufficient for the Group’s working capital requirements as envisaged in the forward business plan
With the share price remaining close to its lows and the business having progressed significantly since IPO it could be worth following at current levels
