7th Aug 2015 06:29
LONDON (Alliance News) - Lighting company Dialight PLC on Friday said it is planning to cut 12% of its workforce as part of a cost-cutting drive.
Dialight said in its interim results in July that its pretax profit took a hit due to operational inefficiencies and excess costs in the business, and said it is now taking action to try and mitigate those issues.
It said the redundancy programme will generate run-rate savings of GBP3 million a year, with GBP1 million to be saved in 2015, though this will be wiped out by one-off costs of the same amount.
"I believe that we have a huge opportunity ahead and Dialight is well positioned to capture significant value in our rapidly growing markets. However, as sales continue to grow, the business has taken on excess costs which have resulted in our poor first half performance," said Chief Executive Michael Sutsko.
By Sam Unsted; [email protected]; @SamUAtAlliance
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