Dialight PLC Update on FY18 trading (5909J)
December 06 2018 - 2:00AM
UK Regulatory
TIDMDIA
RNS Number : 5909J
Dialight PLC
06 December 2018
Dialight plc
("Dialight" or "the Group")
Update on FY18 trading
Dialight plc (LSE: DIA.L), the global leader in sustainable LED
lighting for industrial applications, provides its scheduled
trading update for the year ending 31 December 2018.
We have made considerable progress since the termination of our
contract manufacturing partner arrangements. At the time of the
termination we had 50% of final assembly of lighting products in
house. This has increased to over 90% and is anticipated to be 100%
in the coming weeks. Production at our own facility has been
ramping up well, but has been hampered by the inability to obtain
raw material supplies from our manufacturing partner on a timely
basis. The delays in raw material supplies adversely impacted
November results. Performance in December is critical to delivering
our year end results and will require a further planned ramp up in
production coupled with continuity of raw material supply.
On 26 October 2018, the High Court reached a judgment in
relation to Lloyds Banking Group's defined benefit pension schemes
which concluded that schemes should equalise pension benefits for
men and women as regards guaranteed minimum pension benefits.
Should this outcome be upheld, we are working with the trustees of
our pension schemes, and our actuarial and legal advisers, to
understand the extent to which the judgment will crystallise
additional liabilities for Dialight's pension schemes. Our current
guidance excludes any potential impact on the Income Statement
related to the equalisation.
Marty Rapp, Group Chief Executive, said:
"The relocation of final assembly of our products to our own
facilities is essentially complete. As we ramp up our new
facilities in Mexico and Malaysia early in 2019, we will begin to
see the full impact of transition to a hybrid manufacturing model.
We would have preferred to make these changes outside our peak
selling season, but these are the right actions for the business
and coupled with our expanded new product development actions will
result in a stronger and faster-growing Dialight."
Dialight's full year results for the year ending 31 December
2018 will be announced on 25 February 2019.
Dialight Plc
Tel: +44 (0)203 058 3542
Marty Rapp - Group Chief Executive
Tel: +44 (0)203 058 3542
Fariyal Khanbabi - Group Finance Director
MHP Communications
Tel: +44 (0)20 3128 8570
Tim Rowntree
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 the
USA, UK, Denmark, Germany, Malaysia, Singapore, Australia, Mexico,
Dubai and Brazil. www.dialight.com.
Notes:
Cautionary Statement: This announcement contains 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. This announcement contains inside information on
Dialight Plc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTLLFLDFRLEIIT
(END) Dow Jones Newswires
December 06, 2018 02:00 ET (07:00 GMT)
Dialight (LSE:DIA)
Historical Stock Chart
From Apr 2024 to May 2024
Dialight (LSE:DIA)
Historical Stock Chart
From May 2023 to May 2024