29th Oct 2014 07:50
LONDON (Alliance News) - PhotonStar LED Group PLC issued a warning on its full-year outlook on Wednesday, saying it expects revenue to be below market expectations on the back of weak sales of its fixed white lighting products and its light engines.
The company, which makes smart LED lighting, warned in August that weather-related delays in the new-build market would meant an element of its revenue would slip into the second half, meaning its full year would be more weighted to the second half than previously.
On Wednesday, PhotonStar said it now expects sales for fixed white lighting products for the full year to be lower than indicated due to a number of large lighting domestic and export contracts being delayed to next year.
The group also said its light engines business has seen a slowdown in sales, with pressure on margins in the unit. The group said it would now pull development resources from this business line and focus instead on its Halcyon product range.
Owing to the problems, PhotonStar said it expects revenue for the year to the end of December to be below market expectations, resulting in a loss for the year.
Elsewhere, the company said it has appointed David McTurk as its interim chief operating officer. He most recently worked as the chief executive officer of wireless and cloud-based energy monitoring company OWL Intuition Ltd.
"We believe that the intelligent, energy saving and data-centric applications of our unique Halcyon technology offer the potential to address a broad range of significant future business opportunities and markets," said James McKenzie, chief executive of PhotonStar.
By Sam Unsted; [email protected]; @SamUAtAlliance
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