Dialight PLC - London-based LED lighting for heavy industrial applications - Revenue for 2023 is £148.8 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 £12.3 million, in line with board expectations and down from £22.7 million at the end of June.
Following the ‘resilience’ shown in the second half of last year, Dialight expects to sustain that momentum in 2024. Dialight will shift its financial year-end to March 31 from December 31, citing the number of short-notice sales made in the final months of the calendar year, while January, February and March tend to be quiet.
Dialight says its transformation plan continues to make progress, including changes to production facilities in Mexico and Malaysia. It hires Carolyn Zhang to be chief financial officer, starting on Thursday. Zhang is a US citizen based near Dialight’s finance hub in Farmingdale, New Jersey. She has held finance roles in a number of manufacturing businesses, Dialight notes.
Current stock price: 155.75 pence, down 3.6% near midday in London on Tuesday
12-month change: down 40%
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