30th Jan 2014 08:48
LONDON (Alliance News) - PhotonStar LED Group PLC Thursday said its performance had improved substantially in the second half of 2013, meaning revenues for the year as a whole rose 8% while its operating loss narrowed.
In a trading statement, the maker of LED lighting said 2013 revenues were GBP9.4 million, up from GBP8.7 million in 2012, while it loss before interest, tax, depreciation and amortisation narrowed to GBP0.1 million, from a GBP0.3 million loss in 2012.
The company had reported a difficult first half of the year, but revenues in the second half improved 18% half-on-half in the second period, while gross profit rose 13%.
"As a result the group enters 2014 on a much firmer platform, with the development of its new Halcyon home circadian lighting product range (retrofit lamp) nearing completion. Halcyon is due for full commercial launch in 2014," it said in a statement.
It added that its growth in the second half of 2013 had been achieved while remaining cash neutral. It said its is comfortable that it has adequate working capital available to fund its future growth.
"We are now in a much better financial position to be able to build on the investment in our technology and have the cash flow to support our future growth. The second half was positive on an adjusted EBITDA basis, and we are confident that 2014 will see further growth and a continued improvement in our financial results," Chief Executive James McKenzie said.
PhotonStar's shares were up 23.5% at 5.25 pence early Thursday, the biggest gain on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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