25th Feb 2016 10:27
LONDON (Alliance News) - PhotonStar LED Group PLC on Thursday said it narrowed its loss in 2015, but suffered a decline in revenue, as it announced a share placing and subscription to raise GBP1.0 million.
The LED lighting manufacturer said its pretax loss narrowed to GBP0.9 million from GBP1.6 million, even as revenue slipped to GBP6.9 million from GBP7.2 million.
PhotonStar said its results reflect its ongoing investment in wireless lighting business 'halcyon', but didn't explain how the loss was narrowed despite the lower revenue.
Sales so far in 2016 are in line with management expectations, and PhotonStar has been selected to install halcyon in a Royal Bank of Scotland Group PLC building as part of its Go Green initiative, it said.
PhotonStar will release its full-year results for 2015 in May.
In addition, Photonstar said it has conditionally raised GBP1.0 million through the placing of 38 million shares at 2.5 pence each and subscription of 2 million shares at the same price.
The proceeds will be used to continue the group's transformation into a retrofit connected-lighting and building management business through its halcyon and CloudBMS platforms.
Chief Executive James McKenzie has agreed to subscribe for 1.2 million subscription shares, following which he will be interested in 15.5 million shares, representing 8.3% of the company's issued share capital.
Chief Technology Officer Majd Zoorob has agreed to subscribe for 400,000 subscription shares, following which Zoorob will hold 11.3 million shares, representing 6% of the company's issued share capital.
Finally, Walker Crips PLC is subscribing for 5.5 million placing shares on behalf of its clients, following which it will hold 27.1 million shares, representing 15% of the company's issued share capital.
Shares in Photonstar were trading down 3.6% at 2.53 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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