25th Nov 2024 10:36
(Alliance News) - Dialight PLC on Monday provided a cautious outlook for capital expenditures, reporting an increased loss amid labour shortages and high underlying inflation.
The London-based heavy industrial LED lighting company said its pretax loss ballooned to USD20.8 million in the six months to September 30 from USD6.6 million a year ago.
Revenue fell 0.8% to USD90.3 million from USD91.0 million.
Notably, administrative expenses increased 97% to USD34.4 million from USD17.5 million.
Non-underlying costs increased to USD25.4 million from USD2.0 million.
Looking ahead, Chief Executive Officer Steve Blair said: "The current state of the economies in which we operate provides a cautious outlook for capital expenditures across various sectors.
"High underlying inflation and ongoing labour shortages are major constraints, causing delays in project timelines and deferring investment decisions. The petrochemical industry, in particular, faces additional uncertainty due to fluctuating demand and unpredictable energy prices."
Earlier this month, Dialight announced the immediate departure of then-chief financial officer Carolyn Zhang.
In September last year, Clive Jennings resigned as CFO with immediate effect at the time.
Shares in Dialight fell 6.2% to 122.00 pence on Monday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.