Dialight cuts its 2015 interim dividend

DividendMax Ltd.

Dialight cuts its 2015 interim dividend

Lighting revenue increased 24% (17% at constant currency) to £53.4m (H1 2014: £43.0m)

• Lighting operating profit down 51% (54% at constant currency) to £3.5m (H1 2014: £7.1m)

• Group underlying operating profit decreased 74% (75% at constant currency) to £1.7m (H1 2014: £6.5m) 

• Group statutory operating profit decreased 96% to £0.2m (H1 2014: £5.4m)

• Underlying earnings per share 5.4p (H1 2014: 14.2p)

• Closing net debt £8.0m (31 December 2014: net cash £0.6m)

• Significant headroom on banking covenants, maintaining financial flexibility

• The Board is not declaring an interim dividend (H1 2014: 5.2p)

Michael Sutsko, Group Chief Executive, said:

"I am pleased to have joined Dialight and believe that we have a huge opportunity ahead and are well positioned to capture significant value in our markets. We are clearly disappointed by the half year results for the Group, which reflect the adverse impact of operational inefficiencies and the impact of the oil and gas sector on lighting revenue growth in Q2 2015.

I have commenced a strategic review to identify the best opportunities in current and potential markets, products and geographies. We will report back with the findings of this review in October."

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