15th Jan 2014 10:58
LONDON (Alliance News) - Dialight PLC said Wednesday that Finance Director Mark Fryer had stepped down with immediate effect.
The company said it will begin its search for a successor, and it will appoint an acting finance director for the interim period. Fryer will remain with the company until the end of March for the handover period.
Dialight issued a profit warning January 8, after it had been hit by delayed lighting orders, the restructuring of its obstruction business and a fall in revenues in its traffic business.
The maker of LED lighting said that sales of industrial lighting rose 50% to GBP23 million in the whole of 2013, but almost GBP3 million of orders were received late and won't now be booked until 2014. It added that decisions by certain US customers in December to defer lighting orders will also result in a shortfall against its previous expectations.
The company is now expecting an underlying pretax profit of around GBP14.5 million, below analyst forecasts of GBP18.7 million according to estimates from Hemscott.
Shares in Dialight were trading down 1.4% at 768.88 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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