29th Jan 2015 09:02
LONDON (Alliance News) - PhotonStar LED Group PLC Thursday said it is looking for a new chief financial officer because Russell Banks is stepping down within a week for personal and health reasons.
In a statement, the maker of LED lighting products said the audit of its 2014 results has yet to start, but management accounts for revenue and adjusted earnings before interest, tax, depreciation and amortisation are in line with the trading update it gave in early November. At that time it said it expected to report 2014 revenue of between GBP7.2 million and GBP7.6 million, and an adjusted Ebitda loss of between GBP800,000 and GBP1.1 million.
The company added that unaudited cash at the bank stood at GBP1.1 million on December 31, and it had drawn down GBP0.7 million of invoice financing debt out of its GBP1.3 million total facility.
It said its finance function will be led by interim Chief Operating Officer David McTurk and Nigel Lee of CFO Solutions Ltd, the company secretary who has been providing the company with accounting support since 2008.
PhotonStar LED shares were untraded early Thursday. The stock last traded at 3.50 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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