Dialight (DIA)

Sector:

Electronic and Electrical Equipment

Index:

FTSE Small Cap

270.00p
   
  • Change Today:
    -15.00p
  • 52 Week High: 340.00p
  • 52 Week Low: 160.00p
  • Currency: UK Pounds
  • Shares Issued: 32.56m
  • Volume: 13,699
  • Market Cap: £87.92m
  • RiskGrade: 190

Dialight cuts costs as its operating loss widens

By Josh White

Date: Monday 03 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Industrial LED lighting company Dialight said on Monday that its revenue fell to £56.3m in the first half, from £76.1m a year earlier, as its loss from operating activities widened to £5.5m from £3.5m.
The London-listed firm said its loss for the period narrowed, however, to £3.1m from £3.3m, as its statutory earnings per share were 9.5p, narrowing from 10.1p.

Its debt facilities totalled £35m at period end on 30 June, compared to £25m a year earlier, while its net debt widened to £18m from £11m.

Dialight said trading in the first quarter was in line with its expectations, while the second quarter was "significantly impacted" by the outbreak of Covid-19.

It said its inventory reduced by £7.0m at constant currencies, despite the firm recently securing supplies of crucial components, with a further improvement expected during the second half.

The group claimed to have "acted decisively" to reduce its costs and conserve cash in the face of the pandemic, with the £10m of additional bank finance secured with HSBC and through the UK Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Dialight noted that it maintained an uninterrupted supply to its customers, and reported an increase in quoting activity in recent weeks.

It also appointed Wai Kuen Chiang as its new chief financial officer, to start in the fourth quarter.

"We are operating the group on the basis that it will continue to be impacted by COVID-19 for the foreseeable future," said group chief executive officer Fariyal Khanbabi.

"The work we have done to embed a proactive safety culture has played a key role in how we have responded to Covid-19, and ensured the safety and wellbeing of our employees and I would like to publicly recognise their significant contribution.

"We have adopted an agile approach balancing risk mitigation and business continuity with a primary focus on cash and ensuring we have sufficient liquidity to weather this crisis."

Khanbabi said the firm had undertaken measures to reinforce its financial position and ongoing performance, by implementing cost reductions across the group.

"Although the short term remains uncertain, the longer-term prospects of the industrial LED lighting market remain strong and the sustainability benefits to our customers are even more relevant."

At 0847 BST, shares in Dialight were down 6.25% at 300p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Dialight Market Data

Currency UK Pounds
Share Price 270.00p
Change Today -15.00p
% Change -5.26 %
52 Week High 340.00p
52 Week Low 160.00p
Volume 13,699
Shares Issued 32.56m
Market Cap £87.92m
RiskGrade 190

Dialight Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
59.91% below the market average59.91% below the market average59.91% below the market average59.91% below the market average59.91% below the market average
43.59% below the sector average43.59% below the sector average43.59% below the sector average43.59% below the sector average43.59% below the sector average
Price Trend
2.20% above the market average2.20% above the market average2.20% above the market average2.20% above the market average2.20% above the market average
28.21% below the sector average28.21% below the sector average28.21% below the sector average28.21% below the sector average28.21% below the sector average
Income Not Available
Growth
72.31% below the market average72.31% below the market average72.31% below the market average72.31% below the market average72.31% below the market average
83.78% below the sector average83.78% below the sector average83.78% below the sector average83.78% below the sector average83.78% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 2
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Dialight Dividends

  Latest Previous
  Final Interim
Ex-Div 30-Apr-15 03-Sep-14
Paid 02-Jun-15 06-Oct-14
Amount 9.80p 5.20p

Trades for 29-Oct-2020

Time Volume / Share Price
16:35 2,421 @ 270.00p
16:29 2 @ 271.00p
16:26 1 @ 289.00p
16:22 20 @ 289.00p
16:22 222 @ 291.00p

Dialight Key Personnel

Chair David Blood

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