16th Sep 2013 10:53
LONDON (Alliance News) - PhotonStar LED Group PLC Monday said its half year pretax loss widened marginally, despite an increase in revenues.
PhotonStar, comprised of the LED Lighting Fixtures division and the LED Light Engines division, said it made a GBP610,000 pretax loss for the six months to June 30, compared with a GBP530,000 pretax loss for the corresponding period the previous year.
However, revenues were up 13% to GBP4.32 million. Despite the resulting improvement in gross profit, the company still registered an operating loss due to increased administrative expenses of GBP2.3 million. This increase was the biggest factor behind the widened pretax loss. Photonstar attributed the 15% rise in admin costs to "further investment and commitment to the next generation of ChromaWhite products, including the smart lamp, the results of which will start to be felt in the second-half of 2013."
PhotonStar said further revenue progress was expected in the second-half, as sales are usually weighted that way because of, "seasonal increases in construction activity in domestic and export markets."
Chief Executive, James McKenzie, says in a statement, "We remain on track with the continued development and improvement of the ChromaWhite range including the smart lamp, a standard lamp form factor with full wireless control. We believe that products such as these will revolutionise the lighting industry and help drive the group's growth."
PhotonStar said its LED Lighting Fixtures increased its revenues 11% after winning clients such as Google following a presentation at a number of major trade shows, while its LED Light Engines first-half revenues were up 43% to GBP400,000 after strong demand for ultraviolet lighting and specialist fibre optic lighting sectors.
PhotonStar shares were Monday morning quoted at 5.42 pence, down 0.58 pence, or 9.7%.
By Samuel Agini; [email protected]; @samuelagini
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