23rd Mar 2015 09:41
LONDON (Alliance News) - PhotonStar LED Group PLC said Monday its sales in the first quarter of 2015 are in line with its expectations, and it expects to return to profitability at the earnings before interest, tax, depreciation and amortisation level over the next six months.
The LED lighting company said it expects to post revenue of GBP7.2 million for 2014, compared to GBP9.4 million a year before. During its fourth quarter it reduced its cost base "significantly", it said, with yearly savings expected to be around GBP500,000.
PhotonStar reiterated its focus on its 'Halcyon' product range of wireless lighting systems, working with internet of things devices. It launched the products last November, and said it has shipped products for demonstration sites. It expects the first major projects from this product to be installed from April 2015.
The company said it plans to announce its 2014 results before the end of May.
"Halcyon is now gaining traction and we are excited about the future potential for our suite of high quality products. We have reduced our costs to improve operational efficiency and look forward to progressing towards profitability," said Chief Executive James McKenzie in a statement.
Shares in PhotonStar are trading up 2.7% at 2.83 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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