REG - Dialight PLC - Trading Statement

DialightAnnouncement

23/11/2022 07:00

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RNS Number : 2719H  Dialight PLC  23 November 2022

Dialight plc

("Dialight" or the "Group")

 

Trading update

 

 

Dialight plc (LSE: DIA.L), the global leader in LED lighting for heavy
industrial applications, today publishes a trading update for the 10-month
period ended 30 October 2022 (the "Period").

The Group has seen positive overall trading momentum continue into the second
half, with Group revenue in the Period up 35% (CCY 23%) over the prior year
comparator. This continues to be driven by the Lighting business where
revenues for the first 10 months of the year are up 40% (CCY 29%). Lighting
order intake has remained positive. Signals & Components has also
continued to see growth in the second half, contributing to a revenue increase
of 23% (CCY 11%) in the Period, although order levels into Q4 are reflecting
the softer worldwide demand in the opto-electronic market.

The Group has continued to mitigate, successfully, market-wide availability
issues for electronic components and castings, including through inventory
investment. There has been further inflation in both component and freight
costs during the second half, which have been partially mitigated by pricing
and increased operating leverage.

As the Group's revenue and costs are predominantly transacted in US Dollars,
the Group has redenominated its existing revolving credit facility to $34
million, from £25 million. Full year net debt is expected to be similar to
the half year, reflecting both the growth delivered in the year, as well as
the short-term tactical inventory investment. The Group expects leverage to be
at a comfortable level at the full year with capacity to support continued
growth.

 

Expectations for the full year remain unchanged. The Board remains very
mindful of the current economic backdrop and continuing supply chain
disruptions, with the final two months of the year being a seasonally
important trading period for the Group.

The Group has a leading position and product offering in markets which are
underpinned by long term sustainability, safety and regulatory drivers. As a
result, there is significant opportunity for further growth, led by an
enhanced commercial strategy and continued product innovation, which provides
confidence in the Group's longer-term prospects.

The Group will publish its full year results for the year ending 31 December
2022, on 27 March 2023.

 

Contacts:

Dialight plc

Tel: +44 (0)203 058 3542

Fariyal Khanbabi - Group Chief Executive

Clive Jennings - Chief Financial Officer

 

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,
reducing energy consumption and ongoing maintenance, and achieving a rapid
return on investment.  The company is headquartered in the UK with operations
in Australia, Dubai, the EU, Malaysia, Mexico, Singapore, the UK, and the
USA.  www.dialight.com (http://www.dialight.com/) .

 

Notes:

Cautionary Statement. This announcement may contain certain statements,
statistics and projections that are or may be forward-looking. The accuracy
and completeness of all such statements, including, without limitation,
statements regarding the future financial position, strategy, projected costs,
plans and objectives for the management of future operations of Dialight Plc
and its subsidiaries is not warranted or guaranteed. These statements
typically contain words such as 'intends', 'expects', 'anticipated',
'estimates' and words of similar import. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. Although Dialight Plc
believes that the expectations will prove to be correct. There are a number of
factors, many of which are beyond the control of Dialight Plc, which could
cause actual results and developments to differ materially from those
expressed or implied by such forward-looking statements.

 

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