LONDON — Dialight plc (LSE: DIA.L) today announced its interim results for the 12-month period ended December 31, 2023.
The Company has changed its financial year end from December 31 to March 31 as communicated in its trading update on 30 January 2024. These second interim financial statements comprise 6-month and 12-month results for the period ending 31 December 2023, with corresponding comparatives.
Changes to the leadership team were announced earlier this month. On February 16, Dialight announced that by mutual agreement with the Board, Fariyal Khanbabi decided to step down as Chief Executive Officer and as a director of the Company with immediate effect. Steve Blair, currently a non-executive director of the Company, agreed to take on the role of Chief Executive Officer. The board of directors wishes to thank Fariyal for her very considerable contributions to the Group during her 10 years as a Board director and wishes her well in the future.
On February 19, Dialight announced that, following his appointment as Chief Executive Officer of the Company, Steve Blair has stepped down as senior independent director and from all his Company board committee appointments. With immediate effect, Nigel Lingwood assumed the role of senior independent director and Neil Johnson will chair the board’s transformation committee.
CHALLENGING MARKET CONDITIONS PERSIST BUT TRANSFORMATION PLAN UNDERWAY TO UNLOCK SIGNIFICANT VALUE OVER THE MEDIUM TERM
| 6 months | 6 months | 12 months | 12 | |
| H2 2023 | H2 2022 | 2023 | months | |
| £m | £m | £m | 2022 | |
| (unaudited) | (unaudited) | (unaudited) | £m | |
| Financial summary | (audited) | |||
| Revenue | 75.6 | 88.9 | 148.8 | 169.7 |
| Underlying profit from operating | 2.6 | 1.9 | 0.1 | 5.0 |
| activities | ||||
| (Loss)/profit from operating | (8.8) | – | (11.7) | 2.3 |
| activities | ||||
| (Loss)/profit before tax for the | (10.2) | (1.1) | (14.4) | 0.5 |
| period | ||||
| (Loss)/profit after tax for the period | (7.6) | (0.8) | (10.8) | 0.4 |
| Statutory EPS – basic and diluted | (21.0p) | (2.4p) | (31.1p) | 1.2p |
| Net debt – excluding IFRS 16 lease | 12.3 | 20.9 | 12.3 | 20.9 |
| liabilities |
Key points for the 12 month period
- Group revenue of £148.8m was 12% lower than the prior year (12% at reported currency), largely driven by the cyclical downturn in Signals & Components, notably Opto-Electronics
- Group orders down 5% at constant currency
- Lighting 2% lower than 2022 reflecting weak capex orders
- Signals & Components 15% lower as a result of weakness in Opto-Electronics
- Gross margin reduced to 31.5% (2022: 32.2%) reflecting a combination of labour inflation and lower overhead absorption
- The Group delivered an underlying operating profit of£0.1m in the 12-month period helped by stronger performance in the second six-month period
- Non underlying items of £11.8m, including an impairment charge of£9.2m to goodwill. Net debt at 31 December 2023 reduced to £12.3m (31 December 2022: £20.9m) after receiving £9.8m net proceeds from an equity fundraising completed inOctober 2023
- Solid progress with Transformation Plan with key objectives firmly established; Group engaged with a number of potential buyers of identified non- core businesses.
- Challenging market conditions expected to continue through 2024, however the Board remains confident in the refreshed strategy and the medium-term benefitsof the transformation project
Click here to get the full, unaudited results.
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